Coltrane calls for Interserve rights issue as it fights White's plan

By Will Ing2019-03-05T11:00:00

Contractor’s largest shareholder unhappy with plan to hand 95% equity to banks

Interserve’s largest shareholder has unveiled a new proposal to rescue the contractor as it continues to fight Debbie White’s deleveraging plan.

Coltrane Asset Management, which owns a 27% stake in the contractor, wants creditors to take just 55% of equity in Interserve in exchange for writing down £435m of its debt.

Under the plan shareholders would hold on to a 7.5% stake in the firm, with a further 37.5% equity in Interserve created through a £110m rights issue – which Coltrane has offered to fully underwrite.

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