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Pennon Group plc ( (GB:PNN) ) just unveiled an announcement.
Pennon Group plc has announced a fully underwritten rights issue to raise approximately £490 million, offering 185,928,002 new ordinary shares at 264 pence per share. This capital raise is part of a comprehensive financing package intended to support a significant investment plan through the K8 period to March 2030, in line with Ofwat’s Final Determinations. The investment aims to deliver a £3.2 billion capital investment, driving growth in the regulated capital value by at least 34% and targeting a 7% return on regulated equity. Pennon is also set to maintain a gearing policy of 55-65% for its water businesses and is adopting a new dividend policy aligned with CPIH inflation up to 2030, reflecting a commitment to shareholder value.
More about Pennon Group plc
Pennon Group plc is a UK-based company operating primarily in the water and waste management sectors. It provides essential services such as water supply and treatment through its regulated water businesses, aiming to maintain sustainable operations and investment-grade credit status.
YTD Price Performance: -14.15%
Average Trading Volume: 1,045,087
Technical Sentiment Consensus Rating: Buy
Current Market Cap: £1.44B
For a thorough assessment of PNN stock, go to TipRanks’ Stock Analysis page.
