West Midland automotive components group Wagon (WAGN) has further delayed dealings in nil paid rights issue that had been due to start on Tuesday.

It said it was still finalising the conditions of the issue and an announcement containing a revised timetable will be issued shortly.
Wagon announced a 10-for-1 rights issue aimed at raising £49 million in early June.

Net proceeds from the issue, which has been fully underwritten by funds managed by major Wagon shareholder W L Ross, will be used in part to provide extra capital funding to support recent contract wins and to partly repay existing debt.