DAVY VIEW

Forterra has completed a proposed equity placing to raise gross proceeds of c.£55m. The placing was completed at a discount of 5.6% to the previous night’s close and will increase the number of shares in issue by around 14%. The placing will clearly give the group more room in relation to leverage ratios and will facilitate enhanced banking arrangements. It also supports Forterra’s ongoing medium-term expansion plans, notably the construction of the new Desford brick facility.