Rexam dives on rights issue
Shares in the world’s largest drinks can maker, Rexam, plunged yesterday after confirming it was considering a rights issue. Rexam shares dived by 12 per cent to 284.5p after the group said a cash call was an option to avoid a downgrade in its credit rating to junk status. The group, which has net debts of £2.7bn is expected to announce a £350m cash call along with its half year results which are due out on Thursday.