Shareholders approve Severfield-Rowen rights issue

The board decided to make the cash call after falling into loss last year, following problems with certain contracts including the Cheesegrater at 122 Leadenhall Street in London.

The proceeds of the rights issue will be used to reduce the £44m debt and strengthen the balance sheet.

At a general meeting yesterday the motion was passed by 97.7% of votes cast.

Dealing in the new shares begins today.

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