Business Services Industry
Warning Letter from U.K.-Based Engineering Firm Invensys Scares Shareholders.
Knight Ridder/Tribune Business News, November, 2003
Daily Mail, London Knight Ridder/Tribune Business News
Nov. 25--Struggling engineer Invensys spooked the City after it wrote to shareholders saying it might run out of cash if its disposal programme fails to stay on track.
It is selling a swathe of businesses to raise the funds for a UKpound 904 million debt repayment next June.
Fears of a cash crunch sent Invensys shares down 15 percent early on, wiping more than UKpound 100 million off its market value.
Chairman Martin Jay said: "The board has decided to explore a range of alternative financing routes in the banking and capital markets, as well as that of additional disposals."
Nervous investors feared a rights issue was on the cards.
The shares later...
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