The Week: City news - UTV rights issue falls short

UTV, the owner of talkSPORT, managed to offload just 41.5 per cent of the shares issued from its recent rights issue, reflecting the lack of investor appetite for media stocks.

However, it has still raised the £49.9 million it was aiming to achieve as part of its efforts to reduce debt and strengthen its balance sheet. The issue gave existing shareholders the right to buy two shares at 130p per share for every three shares they held. The 22.5 million leftover shares remain with its joint underwriters Numis and Goodbody Stockbrokers.