- Public sector services supplier Interserve said it planned to issue new shares in the company to cut its cumbersome debt pile.

The company had warned earlier in December that it may convert some debt to equity, potentially diluting the value of existing share holdings.

On Friday, Interserve said it was currently intended that a portion of the new equity would be offered by a public share issue.

The final plans, subject to Interserve shareholder and lender approvals, would be announced in early 2019.

'This progress on the deleveraging plan is excellent news for all our employees, customers and suppliers,' chief executive Debbie White said.

'It will provide us with a strong balance sheet and enable us to move forward with confidence and the ability to improve our business and deliver our long term strategy.'

At 1:12pm: [LON:IRV] Interserve PLC share price was -0.18p at 10.7p

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