£266m will be raised (gross) through a 1 for 1 placing and open offer at 25p resulting in the issue of 1,065,566,274 New Ordinary Shares; and £266 million will be raised (gross) through a firm placing of 1,065,566,274 New Ordinary shares at 25p.

The price represents a 48% discount to the closing price on the London Stock Exchange on 7 May 2009.

The company says the fundraising will  "significantly improve the structure of the balance sheet."

The entire net proceeds of £510m will be used to reduce the Group’s debt, whilst preserving the amount of existing headroom. This allows the Group greater flexibility to use cash generated from operations to invest in future development