Travis Perkins plc
On the 11 May 2009 Travis Perkins, the leading builders’ merchant and home improvement retailers announced a Rights Issue to raise £300m. As part of our long term relationship with the Company we successfully managed the communications process through the capital raising. The Rights Issue would enable the Company to:
- Reduce the Group’s net debt and substantially increase financial headroom;
- Improve the Group’s trading position through the recession;
- Increase the flexibility of the Group to operate and invest in its core businesses;
- Strengthen the Group’s competitive and strategic position to allow it to exploit the recovery potential of its markets and expand as conditions improve;
- Enhance the Group’s future access to, and lower the costs of, sources of capital.
Our remit was to communicate the above objectives to the financial media and investment community. The Rights Issue was very well received.
On the 12 June 2009 Travis Perkins anounced that it had received valid acceptances in respect of 92.7% of the total number of the New Shares.
A sample of the headlines generated is included below:
Evening Standard 11/05/09
The Daily Telegraph 12/05/09
The Sunday Telegraph 31/05/09
