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Prices & Quotes - UK Markets - Rolls-Royce Holdings (RR.)

Risk Warning The value of investments can fall as well as rise and any income from them is not guaranteed and you may get back less than you invested. Past performance is not a guide to future performance.

Share Price:
Down 71.32p
Change Today:
-1.08p
Market Cap:
1,377.19m
Sector:
Aerospace and Defence

Rolls-Royce confirms possible 2.5bn fund raising

By Abigail Townsend

Date: Monday 21 Sep 2020

LONDON (ShareCast) - (Sharecast News) - Rolls-Royce has confirmed it is considering a potential 2.5bn fund raising, sending its shares sharply lower.
Responding to media speculation over the weekend, the UK engineer said on Monday it was reviewing "all funding options" with the intention of strengthening its balance sheet.

"We are evaluating the merits of raising equity of up to 2.5bn, through a variety of structures including a rights issue and potentially other forms of equity issuance. Our review also includes debt issuance," it said. "No final decisions have been taken as to whether or when to proceed with any of these options, or as to the precise amount that may be raised."

At 1000 BST, the shares were down 9% at 164.35p. The stock started the year at 681p.

Rolls-Royce is one of the world's biggest producers of airplane engines and has been hit hard by the Covid-19 pandemic, which caused international travel ground to a halt. Last month, it reported a record 5.4bn first-half loss.

As well as the potential fund raising, the company has already identified a number of possible disposals that are expected to generate proceeds of around 2bn and has launched a company-wide restructuring, with a particular focus on the civil aerospace business. Rolls-Royce also supplies the military and power and nuclear companies.

The potential fundraising was first reported in the Financial Times, which said Rolls-Royce was talking to a number of investors and sovereign wealth funds - including Singapore's GIC - and that it hoped to launch the equity raise in early October.

Andrew Gollan, analyst at Berenberg, said: "The shares are unlikely to outperform into potentially unavoidable dilution, although subsequently we expect balance sheet stability to be a catalyst to re-rate the shares."

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RR. Market Data

Currency UK Pounds
Price 71.32p
Change Today -1.08p
52 Week High 267.53p
52 Week Low 38.98p
Volume 72,478,283
Shares Issued 1,931.00m
Market Cap 1,377.19m

Performance Indicators

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What The Brokers Say

Strong Buy 4
Buy 0
Neutral 6
Sell 3
Strong Sell 4
Total 17
neutral
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

RR. Dividends

  Latest Previous
  Interim Final
Ex-Div 24-Oct-19 25-Apr-19
Paid 03-Jan-20 01-Jul-19
Amount 4.60p 7.10p

Trades for 30-Oct-2020

Time Volume / Share Price
16:52 167,607 @ 67.37p
16:45 167,607 @ 67.37p
16:37 513,634 @ 71.32p
16:35 10,569,139 @ 71.32p
16:30 1,000 @ 69.67p

RR. Key Personnel

Chair Ian Davis
CEO Warren East
CFO Stephen Daintith