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Lamprell to raise $120 mln in rights issue

Reuters - UK Focus

LONDON, May 16 (Reuters) - Oil and gas services company Lamprell (LSE: LAM.L - news) said on Friday it would raise about $120 million from investors for capital investment to improve productivity, reduce operating costs, and strengthen its balance sheet.

The company said the 5-for-16 rights issue would be priced at 88 pence a share, a discount of 39.7 percent to the closing price on 15 May, and it was supported by the group's principal shareholder.

The group also on Friday said 2014 had started well, and it was performing in line with its expectations. (Reporting by Paul Sandle, Editing by Ron Bousso)