MARKET TALK: National Grid Rights Issue Take Up "High" - Analyst

14th Jun 2010 07:57

0657 GMT [Dow Jones] National Grid's (NG.LN) announcement of a take up of 94.2% of total number of shares offered to qualifying shareholders pursuant to the 2 for 5 rights issue announced May 20, 2010 is quite high, but not that surprising given the very large 44% rights discount, says an analyst. Around 58 million shares are being placed, "reasonably easily, but at a decent discount (10%) to the current share price," adds analyst. Shares closed at 499p. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires June 14, 2010 02:57 ET (06:57 GMT)