05/06/2008
Fresh UTV Shares Issued As Credit Crunch Tightens
News that Ulster Television has debt troubles has shocked market analysts.
UTV Media surprised investors with the announcement of plans for a £49.9m rights issue that it hopes will reduce the group's debt to a level "more appropriate to the post-credit-crunch world".
UTV - which also owns TalkSport - will issue two new shares for every three already in existence, at a price of 130p, or about 39% of Tuesday's closing price, it said. It has also agreed new five-year financing arrangements.
Turbulence in the financial markets merely accelerated the re-financing due at the end of the summer, said John McCann, the Chief Executive of UTV.
"The company is in a good position and was in no danger of breaching its covenants," he said.
"But with concern about the movement in the credit markets, and with the possibility that the situation might worsen in the coming six months, we decided we would like some certainty in our financing."
Over the past seven years, UTV has been on a spending spree - transforming itself from a regional television operator to a new media and radio company.
(BMcC)
UTV Media surprised investors with the announcement of plans for a £49.9m rights issue that it hopes will reduce the group's debt to a level "more appropriate to the post-credit-crunch world".
UTV - which also owns TalkSport - will issue two new shares for every three already in existence, at a price of 130p, or about 39% of Tuesday's closing price, it said. It has also agreed new five-year financing arrangements.
Turbulence in the financial markets merely accelerated the re-financing due at the end of the summer, said John McCann, the Chief Executive of UTV.
"The company is in a good position and was in no danger of breaching its covenants," he said.
"But with concern about the movement in the credit markets, and with the possibility that the situation might worsen in the coming six months, we decided we would like some certainty in our financing."
Over the past seven years, UTV has been on a spending spree - transforming itself from a regional television operator to a new media and radio company.
(BMcC)
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