UK's Pennon falls on discounted rights issue, dividend cut
07/10/2026 08:15
BUZZ-UK's Pennon falls on discounted rights issue, dividend cut ** Shares in British water utility Pennon Group PNN.L down about 16.3% at 378.2p, lowest since January 2025
** Stock top loser on FTSE midcaps index .FTMC, tracks worst intra-day fall since December 1999
** Launches about £550 million ($728.5 million) rights issue at 250 pence, a near 45% discount to last close
** Rights issue to fund increased investment in regulated water businesses
** Co cuts FY dividend to £125 million from £138 million a year ago
** YTD, PNN fell ~14% as of last close
($1 = 0.7548 pounds)
(Reporting by Jahanvi Kothari in Bengaluru)