Countrywide shares fell to yet another new low yesterday, finishing at around 49p.
The fall, of some 11%, followed negative press coverage with headlines suggesting that Countrywide needed to get its own house in order, and that the roof had fallen in on the UK’s largest estate agent.
With Countrywide now hoping to halve its £200m debt by tapping up investors for more money, it seems possible that the share price could go lower still. Yesterday, City firm Numis suggested the share price will fall to 38p.
The Telegraph also yesterday speculated that a plan to raise a bond to replace a revolving credit facility with Countrywide’s current lenders was unsuccessful, leaving it with no choice but to approach investors for a lifeline.