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Rights issue for UTV Media

talkSPORT owner UTV Media is hoping to raise an extra 49.9 million pounds in a rights issue, as part of an overall refinancing of the company.

The issue, which is subject to shareholder approval, will aim to "reduce the group’s gearing, strengthen the balance sheet and enable the continuation of its strategy of developing a diversified multimedia business."

£49.9 million will be obtained on the basis of 2 Rights Issue Shares for every 3 Existing Ordinary Shares at 130 pence per share.

John McCann, chief executive of UTV said: “I am pleased that we are able to maintain our cautiously optimistic outlook for this year and have completed the refinancing of the Group in the context of very challenging credit markets.”

“We believe it is important to put in place a balance sheet structure and refinancing package of debt and equity that is both robust and cost effective.”

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