M&S struggles to deliver on Ocado rights issue

Marks & Spencer’s tie-up with Ocado is back in the spotlight after M&S received an initial take-up of only 85 per cent for a £600 million rights issue designed to fund the joint venture. Its shares have fallen since announcing the discounted rights issue alongside a near 10 per cent decline in annual profit last month. The one-for-five issue was priced at 185p per share, a discount to the 217p at which the shares had closed on the day before the details were announced. Click here to read the full Times article (£)