Interserve announces debt-busting rescue plan

By Hamish Champ2019-02-27T10:52:00

debbie white interserve chief executive NEW 2017

New stock deal will raise £435m and leave shareholders with 5% in the troubled contractor

Details have been announced of Interserve’s revised rescue plan which it hopes will raise around £435m to help pay down its debt and restore investor confidence in the struggling contractor.

The firm told the Stock Exchange it will place 19 new ordinary shares at 15.3p for every existing ordinary share with its main lenders, where every £9-worth of stock will be swapped for £10-worth of debt.

The 2.8bn new shares will account for 95% of the group’s total ordinary share capital once the new stock has been issued.

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