{"id":50399,"date":"2018-12-20T10:40:42","date_gmt":"2018-12-20T10:40:42","guid":{"rendered":"https:\/\/www.pbctoday.co.uk\/news\/?p=50399"},"modified":"2018-12-20T10:40:42","modified_gmt":"2018-12-20T10:40:42","slug":"kier-rights-issue-fails","status":"publish","type":"post","link":"https:\/\/www.pbctoday.co.uk\/news\/planning-construction-news\/kier-rights-issue-fails\/50399\/","title":{"rendered":"Kier rights issue fails to impress as underwriters settle the bill"},"content":{"rendered":"

Bank underwriters are set for losses as Kier\u2019s \u00a3250m rights issue fails to captivate the market with just over a third of shares taken up<\/h2>\n

Kier\u00a0Group<\/a> shares were trading at 385p yesterday (19 December), below the 409p rights issue price.<\/p>\n

Kier offered investors a 33 for 50 rights issue of 64,455,707 new shares at 409p per new share. When the offer was announced on 30 November 2018, its shares were trading at 752p. After the announcement, the share price tanked to 376p. It closed at 414p.<\/p>\n

The company has revealed it received 24,276,286 new shares, representing 37.66% of the total number of new shares to be issued in accordance with the fully underwritten Rights Issue.<\/p>\n

The rights issue was fully underwritten by Numis Securities, Peel Hunt, Citigroup Global Markets, HSBC Bank and Banco Santander.\u00a0The underwriters must now take on the remainder.<\/p>\n

Kier will receive the\u00a0\u00a3250m\u00a0net cash proceeds\u00a0of the Rights Issue\u00a0by 28 December 2018.<\/p>\n

Haydn Mursell, Chief Executive of Kier Group plc, said: “Following the completion of the\u00a0\u00a3250m\u00a0rights issue<\/a>, Kier enters 2019 with a strong balance sheet which puts us in an excellent competitive position.”<\/p>\n

\n<\/div>","protected":false},"excerpt":{"rendered":"

Bank underwriters are set for losses as Kier\u2019s \u00a3250m rights issue fails to captivate the market with just over a third of shares taken up.<\/p>\n","protected":false},"author":16,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[304],"tags":[676,283,472],"stakeholder_rel_tag":[],"contributor_rel_tag":[],"class_list":{"0":"post-50399","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-planning-construction-news","7":"tag-construction","8":"tag-finance","9":"tag-kier"},"acf":[],"yoast_head":"\nKier rights issue fails to impress as underwriters settle the bill<\/title>\n<meta name=\"description\" content=\"Bank underwriters are set for losses as Kier\u2019s \u00a3250m rights 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