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Barratt Developments concerned about rights issue take-up

Barratt Developments, the UK property company in the throes of a £720 million rights issue, has today expressed concern that the ongoing postal strike could impact upon the "success" of the fundraising. The final day for acceptance is 3 November and the company has issued an urgent statement suggesting that shareholders make alternative arrangements to return their documentation or post it as soon as possible if looking to return using the traditional postal service.

This is yet another indication of how the ongoing mail strike can and will impact upon all areas of the UK economy because Barratt Developments is in need of funding to strengthen the balance sheet and begin to look forward. While traditionally some businesses may well be able to extend various deadlines, the strict regulations regarding fundraisings and other stock market issues will not allow changes to the basis of the offer at such a late date.

As of yesterday talks between the Royal Mail management and the Union's were still at deadlock and those close to the discussions are not overly confident that an agreement will be reached in the short to medium term. Despite behind-the-scenes pressure from the UK government it seems that both parties are entrenched in their particular views and opinions and very little in the way of mediation has taken place as yet.

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