Speedy successfuly completes share offering

By Murray Pollok13 July 2009

Speedy Hire has successfully completed its new rights issue, raising around £100 million (€115 million).

On 9 July 2009 it had received acceptances for 423.6 million new shares, representing around 92.4% of the total offering. Brokers then obtained subscribers for the remaining 7.6% of the new share offering.

Speedy previously said the funds would be used to strengthen its balance sheet, provide financial flexibility in the event that markets continue to deteriorate.

The company added that the funds would give it the financial strength to consolidate and extend its market position, and allow it to emerge from the recession in a stronger position.

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