Galliford Try is going to the market to raise £157.6m in a rights issue to cover over-run costs on its Aberdeen bypass contract.
The housebuilder and construction group said that, while it has the resources to cover the Aberdeen cost over-run, it would leave its housebuilding and development divisions underfunded.
The issue price of 568p per rights issue share represents a 32.8% discount to yesterday’s closing price of 937.5p.
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