Wednesday October 28, 09:22 AM
UPDATE 1-Laird mulls equity issue; shares fall
* Says no final decision made at this time
* Shares fall as much as 7.8 pct
(Adds details)
Oct 28 (Reuters) - British electronics group Laird Plc confirmed it was considering an equity issue, making it one of the top losers on the London Stock Exchange (LSE: LSE.L - news) on Wednesday morning.
However, no final decision has been made at this time, Laird (LSE: LRD.L - news) , which makes electromagnetic shielding for Nokia (Stockholm: NOKI-SEK.ST - news) and Samsung mobile phones, said in response to a media report.
Times Online on Wednesday quoted analysts as saying that a fundraising of about 90 million pounds ($147.2 million) would make sense if Laird was looking to reduce its debt-to-earnings ratio.
In July, the company said it had 265 million pounds of bilateral revolving credit facilities, which do not expire until August 2012.
Laird swung to a pretax loss from continuing operations of 0.8 million pounds for the first half ended June 30, compared with a profit of 29.1 million pounds a year earlier.
Shares in Laird, which was promoted to the FTSE 250 (news) mid-cap index earlier this month, were down 5.8 percent at 187.7 pence at 0900 GMT. They touched a low of 183.6 pence earlier in the session.
($1=.6115 Pound)
(Reporting by Kumar Alagappan in Bangalore; Editing by Maju Samuel) Keywords: LAIRD/
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