UK frozen food retailer Iceland has denied reports that it has not succeeding in finding support for a rights issue to raise cash.
Go deeper with GlobalData
According to a report filed by Reuters, Iceland referred today [Friday] to the media speculation that sent shares plummeting close to four-year lows as “scurrilous rumours”.
The new management team headed up by Bill Grimsey estimates that a complete recovery could take up to four years. Grimsey is expected to reveal how he plans to fund the recovery following a share price collapse early last year.
The media speculation in question concerns rumours of a further 10% slide in the group’s sales, along with a possible breach of banking covenants. The company’s shares fell by 7% after the rumours gathered speed although recovered to end up 1% at 136p.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
