RETAILER TO RAISE £600m

A RIGHTS issue to raise £601m will fund a tie-up with online grocer Ocado. For every five shares they own, current M&S investors can buy one more.

Each is priced at 185p, much less than last night’s closing price of 245.8p. M&S is issuing 325m ordinary shares, about 20pc of its share capital. There are 150,000 retail investors with shares in their own name and 150,000 have stock through online trading platforms.