Pennon seeks £550 million capital, slashes dividend as CEO overhauls utility
Pennon announced a £550 million rights issue and dividend cut as part of new CEO Keith Haslett's overhaul plans. The British water utility's shares fell to a 15-year low following the announcement.
Pennon LSE:PNN launched a £550 million ($729 million) rights issue and cut its dividend on Wednesday as part of new CEO Keith Haslett’s plans to fund a major overhaul, sending shares in the British water utility to a 15-year low. Haslett, who took on the top role in April, also plans to…