Pennon launches £550m rights issue, slashes dividend as new CEO overhauls utility
British water utility Pennon launched a £550 million ($729 million) rights issue and slashed its dividend on Wednesday as part of new CEO Keith Haslett's plans to fund a major overhaul, sending shares in the company sinking to a 15-year low. The rights issue at a price of 250 pence per share represents a discount of 35