Ladbrokes plc, the owner of more than 2,300 British and Irish betting shops, plans to raise £275 million (€299 million) in a rights offering and said profit on soccer bets was wiped out after too few games ended in draws.

The bookmaker will offer investors one new share for every two they hold at a price of 95p each, 48 per cent below yesterday’s closing share price of 181.2p.

The company also suspended its dividend.