Kier looks to raise £241m from share placing
Construction firm Kier today said that it would seek to raise £241m from the placing of 280m new shares in the FTSE 250 company.
Priced at 85p per share, the raise will allow the infrastructure group to strengthen its balance sheet and refinance its existing borrowing facilities.
Along with the sale of Kier Living, the raise will bring in proceeds of around £350m.
In the first instance, the firm said that it would use the proceeds to reduce its net debt and pay off several outstanding balances.
The issue price is a 17.0 per cent discount on yesterday’s closing price of 102.4 pence, Kier added.
Balfour Beatty confirms new chairman
Balfour Beatty has named Lord Charles Allen as its new chairman.
The former ITV chief executive will join the board following the group’s AGM today and take over from current chair, Philip Aiken, at the end of July. Aiken said of the new chair: “He brings to our board a wealth of experience of international companies, a range of sectors and government.” It was first reported last week that Lord Allen had been lined up to take over.
Lord Allen said: “It is a good time to be joining Balfour Beatty. There are significant opportunities for the company to continue to develop in its chosen markets.”
Former ITV boss Charles Allen becomes chairman of Balfour Beatty Jim Armitage
Charles Allen, one of the most prominent CEOs of his generation when he ran ITV, has today been named as the next chairman of infrastructure building giant Balfour Beatty.
He will join the board after the company’s AGM today as a non-executive director before taking over from current chairman Philip Aiken on 20 July.
His previous City roles include chairing ISS and EMI Music and he was chief executive of ITV and the caterer Compass Group as well being chief advisor to the British Home Office.
Regularly appearing in the lists of the country’s most influential gay people, Labour peer Lord Allen of Kensington’s appointment will mark a welcome element of LGBT diversity in the construction industry.
Balfour Beatty ‘lining up ex-ITV boss as chair’
Balfour Beatty is lining up former ITV boss Lord Charles Allen to be its new chair, it has been reported.
According to
Sky News, the contractor is in advanced talks to bring the Labour peer in to replace Philip Aiken, who is due to stand down after just over six years in the role.
The contractor announced in December that Aiken would step down from the role at its AGM in May but, last month, delayed his departure until a successor could be put in place. At the time, it said: “An externally supported search for a suitable successor is progressing well but Philip Aiken’s successor is unlikely to be in post before the AGM. The board has therefore asked Philip Aiken to remain as group chair until his successor can take up the position.”
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