Business space provider Workspace Group’s shareholders today voted in favour of a rights issue that will raise £87m for the company.

At a general meeting today shareholders voted 97.13% in favour of the rights issue.

An application has now been made to the UK Listing Authority to issue an additional 870m ordinary shares on the stock exchange at 10p each.

Workspace, which specialises in redeveloping and letting business space to small and medium size business, has previously said that the issue was fully underwritten and would allow the company the extension of a key August 2010 credit facility to November 2012.

The new shares are expected to be admitted for trading on 16 February.