Troubled support services company says it needs extra £17m to cover higher than anticipated working capital requirements.
Jarvis share price fell by a third this morning as it announced that it had borrowed an extra £17m from its bankers.
The ailing support services firm said that the additional funding would meet higher than anticipated working capital requirements.
Jarvis also announced that it would probably carry out a debt for equity swap as part of the financial restructuring of the company. Details of the restructuring of the company, which has £280m of debt, are expected to be announced by chief executive Alan Lovell in the next few months.
Shares rallied later in the morning to14p, a fall of nearly 22% since the markets opened.