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Meggitt says it is considering options after US$600mln rights issue report

"The group continues to review a range of trading scenarios and associated actions to mitigate any material adverse change to the industry outlook.”

Meggitt PLC -

Meggitt PLC (LON:MGGT) said it considering a range of options after reports today said the engineer is planning a US$600mln rights issue.

In a statement, Meggitt said:  The group notes the recent press speculation regarding potential debt or equity funding options.

“Further to our trading update on 2 July, the group continues to trade in line with our internal expectations. 

“While there have been initial signs of a recovery in the civil aerospace sector, considerable uncertainty remains in relation to COVID-19.  

“Against this backdrop, the Group continues to review a range of trading scenarios and associated actions to mitigate any material adverse change to the industry outlook.”

Meggitt has hit by the downturn in air travel sparked by coronavirus restrictions with clients such as Boeing and Rolls-Royce under intense financial pressure.  

The company added at 30 June it had £1.7bn of committed facilities in place providing liquidity headroom of £856mln. 

“We also have access to additional liquidity as an eligible issuer under the Bank of England's Covid Corporate Financing Facility,” said the statement.

Shares fell 7% to 274.4p.

Quick facts: Meggitt PLC

Price: 257.7 GBX

LSE:MGGT
Market: LSE
Market Cap: £2.01 billion
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