Construction group Kier Group PLC has successfully raised £241 million through a placing of 284 million shares at a price of 85 pence each and qualifying shareholders were invited to take part in an open offer for 141.9 million shares, on the basis of seven open offer shares for every eight existing shares held. The placing was fully underwritten by Numis Corp and Peel Hunt and most of the proceeds are going towards cutting debt, plus £16.9 million will be added to the company’s cash reserves.
In addition to the fundraising, Kier is raising a further £110 million through the sale of Kier Living Limited to Foster BidCo Limited, a newly formed company, ultimately owned by Guy Hands, the Founder, Chairman and Chief Investment Officer of Terra Firma which is due to complete in mid-June.
Having enjoyed a successful working partnership with Kier through the production of their annual report for several years, the Perivan shareholder communications team were delighted to be invited to work with Kier’s financial and legal advisers on both transactions which required separate documentation and shareholder approval. The disposal documentation was published and posted on 20th April and the placing documentation was published and posted to qualifying shareholders 13th May 2021.
Perivan specialise in the production and publication of financial documents relating to shareholder and investor communications for quoted companies, private companies and open and closed-ended funds