Yell H1 and new issue

graeme at 10:12 a.m. Tue 10 Nov 2009

Neither the declines in Yell’s H1 results nor the capital raising that was announced were any surprise.

The key numbers were:

Yell plans to raise equity capital as it is required to do by its recent agreement with its creditors. It is raising more than it is strictly required to, but, given the weakness of its finances, not necessarily more than it needs. The placing and open offer will (and it is underwritten so there is no doubt about it) £660m.

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