Drax Group shares advanced Friday as HSBC upgraded the British power company's stocks to 'overweight', the equivalent of a 'buy' rating.
The coal-fired plant operator also announced it has applied to the UK Listing Authority for the block listing of 700,000 ordinary shares to the Official List and to the London Stock Exchange.
"These shares will only be issued in connection with the Drax Group plc approved savings-related share option plan," it said.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
"They will rank pari passu with the existing shares in issue."
Separately, the company said Chairman Charles Barry would relinquish his board commitments for Impax Environmental Markets. He will retire from its board by rotation at the annual general meeting on May 21st.
RD
