Financial Times FT.com

NatExpress launches cash call

By Gill Plimmer

Published: November 10 2009 23:28 | Last updated: November 10 2009 23:38

National Express will launch a £370m-£375m rights issue on Wednesday, drawing a line under weeks of speculation over the bus and rail operator’s future.

The cash-raising exercise will be fully underwritten, with Merrill Lynch and Morgan Stanley taking the lead and a syndicate of other institutions accounting for the balance. The shares will be issued at a 40 per cent discount to the ex-rights price – in line with standard practice.

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