Unibail-Rodamco: market loves refusal of capital increase
(CercleFinance.com) - At the end of today's Combined General Meeting, Unibail-Rodamco-Westfield SE has said that its shareholders rejected the proposed 3.
5 billion euros capital increase, as it did not receive the necessary two-thirds of votes required.
"However, URW's leverage remains high", noted Christophe Cuvillier, group CEO. "We will have to review all possible alternatives to rapidly strengthen the Group's financial structure, and we will of course implement the other components of our RESET plan (asset disposals, reduction of the cash dividend, reduction of capital expenditure) which remain critical to achieve our debt reduction targets".
The market has given this refusal a big thumbs up - the share is soaring 24% towards noon on Tuesday.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
5 billion euros capital increase, as it did not receive the necessary two-thirds of votes required.
"However, URW's leverage remains high", noted Christophe Cuvillier, group CEO. "We will have to review all possible alternatives to rapidly strengthen the Group's financial structure, and we will of course implement the other components of our RESET plan (asset disposals, reduction of the cash dividend, reduction of capital expenditure) which remain critical to achieve our debt reduction targets".
The market has given this refusal a big thumbs up - the share is soaring 24% towards noon on Tuesday.
Copyright (c) 2020 CercleFinance.com. All rights reserved.