October 19, 2018 / 8:53 AM / a month ago

Proxy adviser Glass Lewis backs Aryzta plan for capital increase

ZURICH, Oct 19 (Reuters) - Proxy adviser Glass Lewis recommends supporting baking group Aryzta’s plan for an 800 million euro ($916 million) capital increase, it said on Friday.

“Overall, we recognise that there appears to be a lack of viable alternatives available to the company at the present time and that the proposed capital increase would provide the company with necessary capital to meet outstanding liabilities and fund management’s turnaround plan,” it said.

Proxy adviser ISS had recommended this week that shareholders oppose the rights issue, which the group’s biggest shareholder, Cobas Asset Management, has proposed halving. ($1 = 0.8734 euros) (Reporting by Oliver Hirt, Writing by Michael Shields, Editing by Maria Sheahan)

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