Severfield-Rowen successful with rights issue

STRUCTURAL steel group Severfield-Rowen said that shares from its new rights issue will start trading today.

The North Yorkshire-based group announced the launch of a £48m rights issue to reduce its borrowings in February.

The fully underwritten rights issues, which has seen 194.5m new shares issued, has raised £47.9m, £44.8m after expenses.

It saw seven new shares issued for every three, priced at 23p, a discount of 67.8% to the closing share price of 71.5p the day before the announcement.

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