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Doulton gets cash

China and glassware group Waterford Wedgwood is expected to invest in the Royal Doulton rights issue, despite voting against the cash call by its smaller rival. Waterford, chaired by Tony O“Reilly, i…

China and glassware group Waterford Wedgwood is expected to invest in the Royal Doulton rights issue, despite voting against the cash call by its smaller rival. Waterford, chaired by Tony O“Reilly, is believed to be reluctant to see its 21% holding in Royal Doulton diluted and wants to take up its rights issue entitlement. O“Reilly had put forward his own restructuring plan to Royal Doulton but the ceramics company pressed ahead with its GBP 19 million fundraising. Even though Waterford voted against the move, it was passed by a narrow majority. Taking up its rights will cost Waterford only a few million pounds and at 8p a share the issue price is below that paid by Waterford for its existing stake.

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