The pressure on Kier Group increased yesterday as its shares fell deeper below the price at which the company is seeking to sell new stock.
The construction and outsourcing specialist unveiled a surprise £264m rights issue last month as it tries to cut debt and boost its balance sheet. Its discounted offer price of 409p was 45% below its share price, but the shares have continued to slide since then.
Indeed, they have halved since November 30, when Kier announced the fundraising, and they closed down 1.5% at 376½p yesterday, a 15-year low.
