The rights issue should reduce the gearing level from 124.2% at the end of June to approximately 80%, which should remove the immediate strains on the balance sheet as capital investment continues in emerging markets.
Eventually, the disposal of the non-cement and aggregates interests acquired with Hanson improve the capital structure of the group, as will the impending sale of the sale of the Israeli concrete, aggregates and asphalt-based operations to Mashav for some €120m.
