Kier Group underwriters are relaxed

摘要

Shares in UK construction and engineering business kier croup were trading well below pricing for a £264m rights issue last week. The fundraising is to shore up the balance sheet and the company is assured of getting the funds, but if shares remain below the offer price then the underwriting banks may be the ones who have to pay up. Shares closed just below the 409p rights issue pricing on Wednesday at 407.8p. A collapse in stock markets on Thursday saw the FTSE 100 fall 3.15% and Kier inevitably traded off too, falling 3.9% to 392p. On Friday shares traded around 400p in early afternoon before sliding to 390p.