BOOKMAKER Ladbrokes today said it had received 95% acceptance from shareholders for its £275m rights issue announced earlier this month.

The company, which has more than 2,000 betting shops in the UK, had sought funds to put it in a stronger position when it came to refinancing its remaining debt.

The 300m shares were offered at 95p – a discount of 48% on the share price at the time. This morning Ladbrokes’ shares opened at 137p.

It suffered a difficult three months to September 30, as its revenues were affected by factors ranging from the recession to the lack of drawn matches in the Premier League.

Revenues, excluding high rollers, were down 15% but operating profits were down 54%, to £22.4m, after a winning start to the season by heavily-backed Chelsea and Manchester United and the low incidence of draws – the bookies’ favourite result because gamblers prefer to back a team to win.

Ladbrokes' telephone betting division saw a 73% drop in net revenues from gamblers, excluding high rollers.

The tough trading conditions have led the company to step up cost-saving efforts, including through a salary freeze until January, 2011, and the withdrawal of its full-year dividend payment to shareholders.