Investors back 拢1bn limit as contractor prepares to announces annual results next Monday
Interserve shareholders have given the thumbs up to the firm increasing its borrowing limits to up to 拢1bn as it prepares to announce its much-anticipated annual results next Monday.
The contractor held a general meeting in London today where 99.65% of shares 鈥� 53.9 million 鈥� voted through a resolution to sanction the increase.
And 99.56% 鈥� 53.8 million shares 鈥� gave the green light to ratifying any prior breach of the borrowing limit.
In March Interserve announced it had secured a near-拢300m rescue package from its banks and earlier this month revealed it would seek shareholder approval for the increase in borrowing at today鈥檚 meeting.
Market watchers 鈥� and the firm鈥檚 shareholders 鈥� are keenly awaiting its long-awaited 2017 results, due out on Monday.
It has previously said net debt at year-end 2017 is expected to be approximately 拢513m, compared with average net debt of 拢391m in 2016.
In 2016 Interserve reported a loss of 拢94.1m on turnover of 拢3.2bn. At the time it posted an exceptional charge of 拢160m relating to delays and performance issues on Energy from Waste contracts.
More write-downs are anticipated on that business, possibly as high as 拢200m, when the group publishes it results next week.
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