Date: 22/05/2013

Almost £330m was wiped off the value of FirstGroup as shareholders vented their fury at a deeply discounted £615m rights issue, launched to avoid a damaging downgrade in the company’s credit rating to “junk” status.

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Troubled FirstGroup announces rights issue as chairman Martin Gilbert steps down

Telegraph

Almost £330m was wiped off the value of FirstGroup as shareholders vented their fury at a deeply discounted £615m rights issue, launched to avoid a damaging downgrade in the company’s credit rating to “junk” status.