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On 27 February 2019, Marks & Spencer ('the Company') announced the creation of a new joint venture with Ocado Group Plc ('Ocado') to transform online grocery shopping for UK consumers and unlock growth for M&S. 

On 22 May 2019, the Company announced the terms of a fully underwritten rights issue ('the Rights Issue') to raise gross proceeds of approximately £601.3 million, which was the primary means of financing the transaction with Ocado. Under the terms of the Rights Issue, Qualifying Shareholders were offered the opportunity to subscribe for 1 New Ordinary Share for every 5 Existing Ordinary Shares held as at the close of business on 22 May 2019, at an issue price of 185 pence per share. The Rights Issue was formally launched for qualifying shareholders on 28 May 2019.

Further information and documentation

Please click the links below to view the following key documents relating to the Rights Issue:

Letter to shareholders from Archie NormanClick here
Press Release: Announcement of Rights IssueClick here
Rights Issue ProspectusClick here
Shareholder Guide
Click here

Full information regarding the 2019 Rights Issue, including details on how to participate, can be viewed on our dedicated microsite by clicking here

The key dates that shareholders should be aware can be found on the microsite via the link above or, alternatively, can be viewed on our Financial Calendar by clicking here.

Rights Issue Headline Statistics

The table below summarises the headline terms of the Rights Issue, including the impact shareholders can expect it to have on the Company's issued share capital on its completion.

Rights Issue Price

185 pence per share
Basis of Rights Issue1 New Ordinary Share for every
5 Existing Ordinary Shares

Number of Existing Ordinary Shares in issue as at 21 May (the 'Latest Practicable Date' before publication of the Rights Issue Prospectus)


Number of New Ordinary Shares to be provisionally allotted pursuant to the Rights Issue(1)


Number of Ordinary Shares in issue immediately following the completion of the Rights Issue(1)


New Ordinary Shares as a percentage of the enlarged issued share capital of the Company immediately following completion of the Rights Issue(1)

Estimated gross proceeds of the Rights Issue£601.3 million

(1) The actual number of New Ordinary Shares will be subject to rounding to eliminate fractions.