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Wolseley receives 98pc shareholder support for rights issue

Building materials group Wolseley has received acceptances from 98.3 per cent of shareholders for its recent rights issue.

Wolseley’s rights issue was part of a £1 billion fund raising attempt.

It included a £270 million firm placing at 120 pence a share, a 27 per cent discount to the then current share price.

It also included an 11 for five rights issue – where investors could buy up 11 shares for every five that they already owned - to raise a further £781 million.

Wolseley had said it would use the funds to reduce net debts of about £2.5 billion after reporting a 61 per cent fall in half-year profits.

It plans to focus on its core businesses in the UK, the Irish Republic, Scandinavia and France, and on its plumbing and heating business in North America.

Wolseley, which owns Plumb Center and Build Center in the UK, has cut about 17,000 staff and shut 713 branches globally since August 2007.