March 27, 2017 / 11:25 AM / 3 years ago

Engineering firm Cobham says under investigation by FCA

FILE PICTURE: The logo of the new Financial Conduct Authority (FCA) is seen at the agency's headquarters in the Canary Wharf business district of London April 1, 2013. REUTERS/Chris Helgren

LONDON (Reuters) - British engineer Cobham is being investigated by the country’s Financial Conduct Authority in connection with its handling of inside information ahead of a trading update and rights issue announcement in April last year, the company said.

The aerospace and defence company launched a 500 million pound emergency rights issue on April 26 to shore up its balance sheet after a costly move to gain more commercial customers led to a profit warning.

“The company is cooperating fully with the FCA and will update the market on the outcome in due course,” it said in a statement on Monday.

It also said a proposed 500 million pounds rights issue it announced on March 2 remained on track.

Shares of the company were down 2.6 percent by 1101 GMT on Monday.

Reporting by Justin George Varghese; editing by Susan Thomas

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