- Construction group NMCN said it had struck a recapitalisation agreement involving a deeply discounted £24 million fundraising with Svella and certain other investors.

The company had also renegotiated its facilities with Lloyds Bank and would raise up to an additional £5 million through an open offer to existing shareholders.

NMCN had been working since the fourth quarter of 2020 to secure a financing package.

It included a £10 million bridging loan, convertible at an issue price of 20p per share, and a £14 million equity raising at the same issue price.

NMCN said the issue price represents a discount of 90% to its closing price on Friday.

'We are pleased to have concluded this arrangement with Svella and other stakeholders, which will fully re-capitalise the company, providing a platform for sustainable long-term value creation in our chosen markets,' chairman Ian Elliot said.

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