Coronavirus: Biffa faces investor backlash over £100m share placing

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Influential investor groups have been angered by Biffa’s decision to raise funds through a placing, Sky News learns.

The waste recycling group Biffa is facing a bloody nose over its decision to raise funds to pursue acquisitions during the coronavirus pandemic after being criticised by influential shareholder groups.

Both Institutional Shareholder Services and the Investment Association's IVIS voting advisory service have warned clients that support for the resolutions is not warranted following Biffa's move to raise £100m last month. In a report to clients, ISS said that Biffa had"used the authorities approved at the previous AGM in a manner inconsistent with its stated commitments".Biffa is facing a backlash for seeking to use the proceeds for its growth ambitions

 

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