Following in the footsteps of WPP in March, Saatchi & Saatchi has launched a £73m rights issue to shareholders, asking them to pay 130p – 10 new shares for every 27 held. Following the announcement the share price fell from 172p to 162p. Saatchis chief executive, Charles Scott, is estimating that the agency will cut bank debt down to £150m by the end of the financial year.
