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Bets are on cash call at bookies William Hill

23 Feb 2009

ONDON, England -- As reported by the Daily Telegraph: "William Hill, the bookmaker, plans to raise £350m in a rights issue and scrap its dividend, as part of a plan to reduce its £1.2bn debt burden.

"The company is expected to announce the fundraising proposal, thought to be fully underwritten by its advisers and brokers Citigroup, when it publishes its full-year results on Friday.

"William Hill is one of a growing number of companies opting for a rights issue, despite healthy trading and no imminent repayments approaching.

"...However, concerns about rising unemployment could dampen bullish attitudes towards the betting industry, which is known to weaken when joblessness rises among its customer base..."

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