3rd Jun 2015 10:19
LONDON (Alliance News) - Kier Group PLC Wednesday said its GBP340 million fully-underwritten rights issue has been fully taken up.
The issue was was 91.65% taken up initially, with the bookrunners then procuring buyers for the remaining shares. Kier said 36.3 million had been taken up by the closing time on June 2. Joint bookrunners JP Morgan and Numis Securities then procured buyers for the remaining 8.35% of the shares at 1,340 pence per share.
Kier shares were up 1% to 1,374.00 pence on Wednesday.
The property and construction services company had announced a five for seven rights issue of 39.6 million new shares at 858 pence a share the end of April.
The rights issue was to raise funds for Kier's GBP265 million acquisition of peer Mouchel. The proceeds from the rights issue will also be used to repay Mouchel's debt at the time of the acquisition and will cover the integration costs of the deal and pay the costs associated with both the rights issue and acquisition.
By Steve McGrath; [email protected]; @stevemcgrath1
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