- Book and convenience retailer WH Smith said it was in the advanced stages of preparation for an equity raising that would bolster its balance sheet during the Covid-19 crisis.

Equity would be issued accounting for a maximum of 13.7% of its current shares on issue, by way of a placing.

WH Smith said it had secured new lending facilities of £120m, which were conditional on it conducting the equity raising.

'These financing arrangements, coupled with a broad range of mitigating actions to manage the cost base and cash-flow, will provide sufficient liquidity to deal with this most challenging of trading environments,' the company said.

WH Smith made the announcement while noting recent press commentary regarding the possibility of an equity raising.

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