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Kier Group PLC Add to portfolio

LON250:KIE, Feb 16, 06:09 UTC

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Friday, January 25


News

Could Kier Group make or break your wealth in 2019?

KIE VZ

Could Kier Group make or break your wealth in 2019? Its share price dropped more than 60% over the course of the year chiefly because of the hammer blow announcement in late November that it was launching a rights issue to prop up the balance sheet. Since then, news flow has been more stable, allowing the construction specialist to pull out of the dive that saw it sink to 16-year lows last month. A low, low forward P/E ratio of 5.8 times suggests that Kier has plenty of scope to keep charging in the weeks and months ahead. But I’m afraid that not even that rock-bottom valuation is enough to encourage me to buy. The freshly-rejigged boardroom — chief executive Haydn Mursell was given the heave-ho in recent days too — said that it remains “confident that the group will meet its [fiscal 2019] expectations.” It’s quite possible, however, that forecasts will keep being chopped down by the City (the number crunchers are now predicting a 22% bottom-line fall in the year to June 2019).

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Tuesday, January 22


News

Boss of UK builder Kier goes after share sale snub

KIE

Boss of UK builder Kier goes after share sale snub. Jan 22 (Reuters) - Kier Group Chief Executive Haydn Mursell is leaving the British builder with immediate effect, the company said on Tuesday, a month after many of its shareholders refused to buy into a new issue of stock. Kier, which has contracts for major construction projects in Britain including London's Crossrail link, said Chairman Philip Cox would act as executive chairman until a new CEO was appointed. Investors took up just 38 percent of Kier's share issue in December, with its top shareholder at the time - Neil Woodford-led Woodford Investment Management - deciding to take up only about half of its rights from the offer, a source with knowledge of the matter told Reuters.

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Saturday, January 12


News

Woodford leads charge to oust chiefs at struggling Kier

KIE

The prominent City investor Neil Woodford wants construction group Kier to replace its top execs, Sky News learns. Leading shareholders in Kier Group, one of Britain's largest construction firms,‎ are pushing for a shake-up of its executive team weeks after it raised £250m in a surprise rights issue. Sky News has learnt that Woodford Investment Management, which holds a 16% stake in Kier, is among a group of investors questioning the future of Haydn Mursell, its chief executive, and finance director Bev Dew. In the wider outsourcing sector‎, Interserve's future remains subject to the implementation of a debt-for-equity swap, while Laing O'Rourke has been working on securing new borrowing facilities. If Mr Cox does opt to replace Mr Mursell and Mr Dew, he would need to find new executives from outside the company, according to investors.

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Saturday, December 22


News

Woodford Investment Management stake in Kier falls after rights issue

KIE

Woodford Investment Management stake in Kier falls after rights issue. Dec (Shanghai: 600875.SS - news) 21 (Reuters) - Woodford Investment Management, the investment house owned by influential fund manager Neil Woodford, saw its stake in troubled British builder Kier Group (LSE: KIE.L - news) Plc fall after it did not take up all its rights in a share issue, a regulatory filing showed on Friday. The filing showed Woodford, which was Kier's biggest shareholder before the stake sale according to Refinitiv Eikon data, saw its shareholding drop to 13.58 percent from 15.40 percent. Investors took up just 38 percent of Kier's highly discounted share issue on Thursday, highlighting tough times for the construction sector and a source with knowledge of the matter told Reuters that Woodford had decided to take up only about half of its rights from the offer.

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Friday, December 21


News

Woodford Investment Management stake in Kier falls after rights issue

KIE

Woodford Investment Management stake in Kier falls after rights issue. (Reuters) - Woodford Investment Management, the investment house owned by influential fund manager Neil Woodford, saw its stake in troubled British builder Kier Group Plc (KIE.L) fall after it did not take up all its rights in a share issue, a regulatory filing showed on Friday. The filing showed Woodford, which was Kier's biggest shareholder before the stake sale according to Refinitiv Eikon data, saw its shareholding drop to 13.58 percent from 15.40 percent. Investors took up just 38 percent of Kier's highly discounted share issue on Thursday, highlighting tough times for the construction sector and a source with knowledge of the matter told Reuters that Woodford had decided to take up only about half of its rights from the offer.

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Thursday, December 20


News

Citigroup, Numis, HSBC Take Hit on Botched Kier Rights Offer

KIE

(Bloomberg) -- A group of securities firms have taken a hit on the botched rights offer of a U.K. construction company. Citigroup Inc., Numis Corp., HSBC Holdings Plc, Banco Santander SA and Peel Hunt LLP have sold shares of Kier Group Plc at a discount after less than 38 percent of Kier shareholders subscribed to the offering, leaving the five banks holding a stake worth 115 million pounds ($146 million). While volatility in global markets has made it harder for companies to find buyers in stock offerings -- and in Britain, Brexit is adding to the jitters -- Kier has company-specific concerns. Citigroup, HSBC, Numis and Peel Hunt were each on the hook for 22.5 percent of the stake under the terms of the underwriting agreement with Kier, according to a person familiar with the deal, who didn’t want to be identified because the details are confidential. Shares of Numis, a British firm whose smaller size leaves it more exposed to any losses than the big international banks involved in the sale, dropped 4.7 percent on Thursday, paring a decline of as much as 10 percent.

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News

Director Deals - Kier Group PLC (KIE)

KIE

Director Deals - Kier Group PLC (KIE). 20 December 2018 | 16:15pm. StockMarketWire.com - Haydn Mursell, Chief Executive Officer, bought 37,380 shares in the company on the 20th December 2018 at a price of 409.00p. The Director now holds 151,360 shares. NOTE: Includes shares purchased by spouse. Story provided by StockMarketWire.com. Director deals data provided by www.sharesmagazine.co.uk. LATEST STOCK MARKET NEWS AND OFFERS. Get the latest stock market and investment news, market wraps, promotions and more! Latest share price and company details:. Kier Group (KIE) Share Price. 395.80p +4.60p ( +1.18 %) delayed: 18:28PM. Price delayed by 15 minutes.

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Banks left holding the can in Kier rights issue

KIE

By Ravender Sembhy, Press Association City EditorPA Money News20 December 2018, 07:55 GMT. Kier Group has said nearly two-thirds of its investors snubbed a rights issue aimed at raising £250 million, leaving a syndicate of banks nursing a £100 million headache. The construction giant had proposed to offer 64.5 million new shares at 409p each, but on Thursday Kier said it had received just 37.7% of acceptances. Boss Haydn Mursell said: “Following the completion of the £250 million rights issue, Kier enters 2019 with a strong balance sheet which puts us in an excellent competitive position.”.

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Kier fundraising gets cold response from jittery investors

KIE

(Reuters) - Kier Group (KIE.L) said on Thursday investors snapped up only 38 percent of the new shares the British builder issued as part of a fundraising, as shareholders likely avoided a construction sector shaken by the collapse of Carillion (CLLN.L). Kier last month announced a surprise plan to tap the market for some 264 million pounds in a heavily discounted share sale, blaming the reluctance of banks to lend to the construction sector. The company said its joint bookrunners will look to sell the remaining 40.2 million new shares not validly taken up, and have agreed to buy the shares themselves if they are not sold by 1700 GMT on Friday. Kier, which builds and maintains highways, railway tunnels and houses, expects to receive net cash proceeds of 250 million pounds by end-December and its Chief Executive Haydn Mursell on Thursday appeared to calm investors jittery after the near bankruptcy of rival firm Interserve (IRV.L).

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Kier fundraising gets cool response from investors

KIE

Dec (Shanghai: 600875.SS - news) 20 (Reuters) - Investors took up just 38 percent of British builder Kier Group (LSE: KIE.L - news) 's share issue on Thursday, highlighting growing nervousness about the construction and outsourcing sectors following the collapse of rival Carillion this year. Kier's share sale, aimed at raising about 264 million pounds to bolster its balance sheet, comes as other outsourcing companies have shown signs of strain. Kier Group, which has contracts for major construction projects in Britain, including the Crossrail link across London, last month said it would offer investors 64.5 million new shares, or 33 for every 50 held, at a deeply discounted 409 pence per share. The company said joint bookrunners on the sale, Numis Securities, Peel Hunt, Citigroup (NYSE: C - news) , HSBC and Banco Santander, would look to sell the remaining 40.2 million new shares not taken up, and have agreed to buy the shares if they are not sold by 1700 GMT on Friday. When Kier announced the fundraising last month, the company said that banks were looking to cut their exposure to the British construction because of a change in sentiment from the credit markets.

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