Press speculation suggests that Countrywide’s much-anticipated rights issue will this coming week aim to raise £125m - not just the £100m initially expected.
Today’s Mail On Sunday says there is growing concern that Countrywide’s executive chairman, Peter Long, is too stretched - he is also chairing the troubled Royal Mail company.
The Mail On Sunday - which does not quote any sources - says Countrywide’s house sales are forecast to drop by a quarter this year, and that group results for the first half of this year - to be unveiled the same day as the rights issue, probably Thursday - will show a £20m drop in pre-tax earnings to £8m.
Some 34 per cent of Royal Mail investors opposed Long’s re-election at this month’s AGM, over claims of ‘overboarding’, where a director takes on too many jobs.
Last week we reported that Countrywide had delayed plans to issue its interim figures to the London stock market.
Here is today’s Mail’s story.
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Asking other people for their money because you have run your business with epic arrogance and inefficiency is not a business solution.
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