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Tue April 20 2021

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91% take-up for Kier rights issue

3 Jun 15 Underwriters of a rights issue by Kier have been left holding nearly 10% of the new shares issued after the offer closed yesterday (2nd June).

Kier announced a £340m rights issue of 39,646,692 new shares priced at 858p on 28th April to fund its £265m acquisition of Mouchel. By yesterday’s deadline, valid acceptances in respect of 36,334,962 new shares had been received (91.65%).

As joint bookrunners, JP Morgan Securities and Numis Securities will take the remaining 3,308,812 new shares if they can find no other buyers.

Completion of the acquisition of Mouchel is now expected to take place on Monday 8th June 2015.

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