Kier launches £241m fund raise to pay down debt

Kier today launched a £241m fund raise offering shares at 85p amounting to a 17% discount to yesterday’s trading price.
The share placing, which is fully underwritten, will be the final part of its turnaround strategy allowing Kier to pay down much of its £436m net debt.
Andrew Davies, chief executive, said he now hoped Kier could achieve a net cast position in two to three years.
Kier’s banks have agreed to extend the contractor’s facilities until 2025 after comple