{"id":1193,"date":"2018-12-06T09:26:15","date_gmt":"2018-12-06T09:26:15","guid":{"rendered":"https:\/\/cita.co.uk\/news\/?p=1193"},"modified":"2018-12-06T09:26:15","modified_gmt":"2018-12-06T09:26:15","slug":"kier-drops-out-of-ftse-250-as-share-price-dives","status":"publish","type":"post","link":"https:\/\/cita.co.uk\/news\/kier-drops-out-of-ftse-250-as-share-price-dives\/","title":{"rendered":"Kier drops out of FTSE 250 as share price dives"},"content":{"rendered":"<p>Debt-laden Kier has dropped out of the FTSE 250 after shares tumbled following the announcement of plans to raise \u00a3264m to pay off debts by selling discounted shares.<\/p>\n<p>The contractor&#8217;s shares\u00a0have\u00a0slumped nearly 65% from the 52-week high of 1,167p to just 408p at the close of trading yesterday.<\/p>\n<p>Investors confidence\u00a0has taken a turn since Kier reported June year-end net\u00a0debt stood at \u00a3186m, then described as at a controllable level.<\/p>\n<p class=\"p1\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"223316\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=https%3A%2F%2Fwww.4ps.co.uk%2F4ps-construction-software\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"http:\/\/www.constructionenquirer.com\/wp-content\/uploads\/updated version.gif\"\/><\/a><\/div>\n<\/div>\n<p>Since then the financial position has deteriorated with Kier chief Haydn Mursell reporting debt at the end of October up to \u00a3624m.<\/p>\n<p>The rights issue is expected to go through on 20 December raising \u00a3250m after costs, which will be channelled into reducing debt and speeding-up payments to subcontractors.<\/p>\n<p class=\"p1\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"247443\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=https%3A%2F%2Fwww.ciobacademy.org%2F%3Futm_source%3Dconstruction-enquirer%26utm_medium%3Dbanner%26utm_campaign%3Dconstructionenq-ads\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"http:\/\/www.constructionenquirer.com\/wp-content\/uploads\/Construction enquirer Academy MPU Final.gif\"\/><\/a><\/div>\n<\/div>\n<p>Yesterday&#8217;s trading saw shares dip below the rights issue price of 409p. At the time of last Friday&#8217;s\u00a0\u00a0announcement, this had represented a 34% discount on the share value.<\/p>\n<p>While the rights issue has been underwritten by banks HSBC, Santander, Peel Hunt and Citigroup, they could face buying shares now above the market price.<\/p>\n<p class=\"p1\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"165527\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=https%3A%2F%2Fwww.conquest.ltd.uk%2F%3Futm_source%3Dconstruction_enquirer%26utm_campaign%3Dconstruction_enquirer_ad+%3Futm_source%3Dconstruction-enquirer%26utm_medium%3Dbanner%26utm_campaign%3Dconstructionenq-ads\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"http:\/\/www.constructionenquirer.com\/wp-content\/uploads\/Conquest-Advert-White-Footer.gif\"\/><\/a><\/div>\n<\/div>\n<p class=\"p1\">\n<div class=\"ad-mpu ad-mpu-inline\">\n<div class=\"sleeve\"><a data-ad-id=\"102889\" href=\"http:\/\/www.constructionenquirer.com\/wp-content\/themes\/constructionenquirer\/adclick.php?url=http%3A%2F%2Fwww.course-info.co.uk%2F%3Futm_source%3Dconstruction-enquirer%26utm_medium%3Dbanner%26utm_campaign%3Dconstructionenq-ads\" onclick=\"track_ad_click(this);\"><img decoding=\"async\" src=\"http:\/\/www.constructionenquirer.com\/wp-content\/uploads\/CSP-CE-295x245-Frames.gif\"\/><\/a><\/div>\n<\/div>\n<p>&nbsp;<\/p>\n<p>from Construction Enquirer https:\/\/ift.tt\/2zJk9Di<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Debt-laden Kier has dropped out of the FTSE 250 after shares tumbled following the announcement of plans to raise \u00a3264m to pay off debts by selling discounted shares. The contractor&#8217;s shares\u00a0have\u00a0slumped nearly 65% from the 52-week high of 1,167p to just 408p at the close of trading yesterday. Investors confidence\u00a0has taken a turn since Kier [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":156,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[9],"class_list":["post-1193","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-construction-enquirer"],"_links":{"self":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/1193","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/comments?post=1193"}],"version-history":[{"count":1,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/1193\/revisions"}],"predecessor-version":[{"id":1194,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/posts\/1193\/revisions\/1194"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media\/147"}],"wp:attachment":[{"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/media?parent=1193"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/categories?post=1193"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cita.co.uk\/news\/wp-json\/wp\/v2\/tags?post=1193"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}