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Severfield Rowen win backing, but share value plummets
9:37am Wednesday 20th March 2013 in Business news
PROPOSALS to raise £47.9 million were passed at structural steel business Severfield Rowen's general meeting.
Shareholders voted to approve the issuing of new shares to help reduce debts of £35 million with 97.7 per cent in favour. Shares fell 33 pence to 40 pence per share on the day of the meeting.
The company, based at Dalton near Thirsk, has reorganised and reviewed its contracts following over-runs, particularly that of the London skyscraper 122 Leadenhall Street contract, which led to a pre-tax loss of more than £23 million in 2012.