Kier Group PLC (KIE.L)
18 Jan 2019
Sat, Dec 22 2018
CORRECTED-BRIEF-Woodford Investment Management's Stake In Kier Group Falls To 13.58 Pct From 15.40 Pct - Filing
* WOODFORD INVESTMENT MANAGEMENT'S STAKE IN KIER GROUP FALLS TO 13.58 PCT FROM 15.40 PCT AFTER RIGHTS ISSUE - FILING Source text for Eikon: Further company coverage:
(This Dec 21 story corrects to make clear why the stake has fallen, in headline and paragraphs 1 and 2.)
Dec 21 Woodford Investment Management, the investment house owned by influential fund manager Neil Woodford, saw its stake in troubled British builder Kier Group Plc fall after it did not take up all its rights in a share issue, a regulatory filing showed on Friday.
* Woodford takes up only half of rights from issue- source (Adds details on debt, banks, investors)
Dec 20 Kier Group said it had been informed by the joint bookrunners of its rights offer that it was unlikely any investors would by Friday buy into the share sale even at the heavily discounted 409 pence per share price tag.
BRIEF-Kier Says Bookrunners Think Unlikely Subscribers Can Be Procured At 409 P/Share For Rump Placing
* BLOCKTRADE: KIER - BOOKRUNNERS OF OPINION IT IS UNLIKELY THAT SUBSCRIBERS CAN BE PROCURED AT A PRICE PER NEW SHARE WHICH IS AT LEAST EQUAL TO 409 PENCE/NEW SHARE
Investors took up just 38 percent of British builder Kier Group's share issue on Thursday, highlighting growing nervousness about the construction and outsourcing sectors following the collapse of rival Carillion this year.
Dec 20 Kier Group has received valid acceptances for about 38 percent of the new shares the British builder issued as part of a fundraising.
Kier Group shares fell more than 20 percent on Friday after the British builder announced a surprise plan to tap shareholders for some 264 million pounds, blaming the reluctance of banks to lend to the construction sector.
* Shares fall more than 22 pct (Adds detail, background, updates shares)
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