February 14, 2018 / 7:27 AM / 2 months ago

BRIEF-Galliford Try ‍Proposes To Raise 150 Mln Pounds Of New Equity Capital​

Feb 14 (Reuters) - Galliford Try Plc:

* ‍PROPOSES TO RAISE £150M OF NEW EQUITY CAPITAL (CAPITAL RAISING) FROM ITS SHAREHOLDERS IN COMING WEEKS​

* LIQUIDATION OF CARILLION PLACED FINANCIAL OBLIGATIONS ON CO ARISING PRINCIPALLY FROM JV ON ABERDEEN WESTERN PERIPHERAL ROUTE CONTRACT​

* ‍OVER-RUN COSTS ON AWPR, COMPOUNDED BY CARILLION LIQUIDATION INCREASED CO’S TOTAL CASH COMMITMENTS ON PROJECT BY IN EXCESS OF £150M​

* “‍CONTINUES TO MAKE GOOD PROGRESS IN RESOLVING BOTH AWPR AND OTHER LEGACY CONTRACTS”​

* ‍EQUITY RAISE TO STRENGTHEN BALANCE SHEET AND ENSURE THAT CO CAN CONTINUE TO PURSUE GROWTH OPPORTUNITIES​

* ‍CAPITAL RAISING HAS BEEN FULLY UNDERWRITTEN BY HSBC AND PEEL HUNT ON A STANDBY BASIS​

* ‍ROTHSCHILD IS ACTING AS FINANCIAL ADVISER TO GALLIFORD TRY ON CAPITAL RAISING​

* ‍DECIDED TO BRING FORWARD PLANNED INCREASE IN DIVIDEND COVER TO 2.0X PRE-EXCEPTIONAL EPS WHICH WILL BE EFFECTIVE FOR CURRENT FY Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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