Cordiant Seeks Cash Injection

Cordiant, the former Saatchi and Saatchi advertising group has confirmed it is planning a rights issue, following last week’s rumours.

Cordiant claims that as part of its normal financial planning, it has developed proposals for its financial requirements for the longer term. The company has put these proposals to its banks and is in the process of obtaining approval. The proposals will include raising new equity from the Companys shareholders to the tune of around £110m to £130m.

Cordiant plc: 0171 436 4000