London-headquartered marketing and communications holding company Incepta Group, number thirteen in Ad Age’s 2002 world agency league table, on Wednesday launched a rights issue in a bid to relieve its £61.5 million ($102.74m; €89.45m) debt burden.
Chairman David Wright said that the one-for-five issue involved the placing of 76.9 million new shares at £0.13 each. He expected it to raise around £25.7m, placing the group “in a stronger position to take advantage of the market recovery we believe will come”.
Wright claimed that group trading in the current fiscal is broadly in line with expectations, although the timing and pace of recovery within the marketing communications sector “remain hard to predict”.
Data sourced from: Times Online (UK); additional content by WARC staff