Shareholders in Countrywide, the UK’s biggest estate agency group, have voted in favour of a £140m rescue package, as the ailing company moves to reduce its £200m debt burden and implement a turnround plan.
The plan, which was backed by 98% of shareholders, raises funds at a steep discount to Countrywide’s previous share price. Before the fundraising was announced earlier this month, the shares were trading at 50p.
The plan agreed on Tuesday will issue 1bn of shares at just 10p each.
