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Styles & Wood rights issue oversubscribed by 43pc

Styles & Wood has revealed its rights issue attracted significant attention with applications to buy new shares oversubscribed by 43 per cent.

The Cheshire-based fit-out firm Styles & Wood received applications for 12,283,296 new shares by the deadline of 11am yesterday despite offering up just 8,599,150 new shares.

As a result excess applications will be scaled back pro rata to existing shareholdings. 

Completion of all elements of the refinancing is conditional upon, amongst other things, the approval by shareholders of the resolutions at the general meeting of the Company convened at a meeting at 3pm tomorrow.

Styles & Wood will then have a total of 61,823,830 ordinary shares in issue.

Styles & Wood chief executive Ivan McKeever said: “I am delighted that the Open Offer has been so significantly oversubscribed.

“It is testament to the financial restructuring we have put in place and is a vote of confidence in the new management team, our prudent financial management to deal with the current economic cycle and our future strategy the business.

“We are confident that our retail customers will return to their store investment plans in the longer term, the recession won’t last forever and we are now well positioned to be a beneficiary of an up turn in the market place.

“With the refinance now behind us we very much look forward to getting on with driving the business forward from such a solid base.”

Styles & Wood announced it was launching a £10 million rights issue in May after revealing a £950,000 loss for 2008.