Countrywide shares tumble 50% on fundraising plan

Peter Long, chairman of Countrywide

Countrywide has revealed plans to raise £140m in a share placing to shore up its balance sheet.

The troubled estate agency group is looking to raise the money at 10p a share, which represents a large discount to the company’s closing price of 49.95p yesterday. In reaction, the group’s share price was down by over 50% after an hour of trading this morning. 

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