Shares in ITV bounced this morning after the broadcaster announced plans for a £120m convertible bond issue, and a u-turn on its plan to sell digital transmission arm SDN.
ITV gained more than 6% in the first few minutes of trading, and is now the highest riser on the FTSE 250 - up 2.87p at 50.2p.
Assuming ITV can find buyers for the bonds (which are expected to carry a coupon of between 4.00-4.75% per annum), it is confident it will not need a rights issue.
The decision to keep hold of SDN and use its revenues to support the pension fund has also gone down well with the City. Could this sway some of the potential candidates for the chairmanship?
Across the market, and the Footsie is clinging onto yesterday's gains - defying predictions that shares would slip back after hitting their highest point for a year. The FTSE100 is up 4.12 points at present at 5214.29.
