Home
Investment
News & Views
Company News
news storage
Lavendon announces £81m fundraising
Wed, 08 Feb, 2012
INVESTMENT NEWS
Company Search
Search QCK.COM
Investment Home
News & Views
Top Stories
Charting
Company Search
Watchlist
Market Reports
Market Buzz
Company News
Economic News
New Issues
Other News
Lavendon announces £81m fundraising
Thu, 19 Nov 2009, 08:32:00
Hydraulic platform specialist <b>Lavendon</b> wants to raise almost £81m from a placing and open offer at 70p a share after warning that full-year results could be at the bottom end of expectations. The group announced a firm placing of 38.5m shares plus a placing and open offer of 77m shares, which will bring in £76.8m after costs. The price represents a 45% discount to last night's closing price of 128p. "The board has concluded that it is in the best interests of the group and its shareholders as a whole to reduce the group's debt, renegotiate the financial covenants to restore headroom and establish a more appropriate capital structure for operating the business in the current market environment," read a statement. Separately, Lavendon said revenue, excluding equipment sales, were 11% lower in the ten months ended 31 October than the same time last year, and down 17% on a constant currency basis. "Overall, we expect the group to deliver a trading result for the year at the lower end of our expectations, and to have made solid progress in reducing our net debt level," said the firm.
©2004-2009 QCK.com
