Page last updated at 10:29 GMT, Monday, 26 October 2009

Ladbrokes in successful cash call

Chelsea players celebrate goal
There has been a dearth of Premier League draws this season

Shareholders in Ladbrokes have agreed to buy more than 95% of the shares offered in a £375m rights issue.

The company had announced plans for the cash call on 8 October to cut its debt.

Ladbrokes has seen revenue fall in recent months, hit by "exceptionally low" margins on football bets, due to a low number of Premier League draws.

Of the 96 games played so far in the top division, only 15 have been draws. Most customers bet on wins so bookmakers have faced more payouts.

The betting firm has said it will not pay a final dividend this year, with its net debts standing at £962m.

Ladbrokes said it would look to find subscribers for the remaining shares on offer.



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