Helphire in £50m cash placing

Troubled motor accident claims company Helphire has announced a £50m share placing to raise much need cash.

Cenkos Securities has conditionally placed 151,515,151 new ordinary Shares at 33p per share with a number of existing institutional investors.

Shareholders will be offered the opportunity to subscribe for the new shares under the open offer and a prospectus and a notice of a general meeting to consider the proposals is expected to be posted to shareholders today, the company said.

Richard Rose, chairman said: "Along with the rest of the new management team at Helphire I am clear about the plan for improving the Group's profitability and cash generation. Tough decisions are being made, implementation of the plan is well underway and the fundraising will provide us with the resources we need to complete it."