Ferranti also announced on Friday that it had taken steps to recapitalise the business in the unlikely event that it has not been acquired or found a major equity investor by February: it has got full underwriting commitments from institutional investors for a UKP187.1m of standby equity investment with a conditional rights issue of 748.5m new preferred ordinary shares at 25 pence apiece to be offered to existing holders on a one-for-one basis; the company believes that the standby arrangement will greatly enhance its credibility with customers who are thereby assured that even if Ferranti were to soldier on alone, it would be as a solvent company.
