31.01.2011

Strongco completes rights issue

Canadian based crane dealer Strongco has completed its rights issue raising a net $7.86 million.

The offering was fully subscribed, with a total of 9,941,964 rights being exercised for 2,485,491 new shares. Each shareholder was given one ‘right’ for each share held. Four Rights plus $3 was required for each new Share.

Chief executive Robert Dryburgh said: "Our objective with the rights offering was to provide funding for growth initiatives. We are very pleased that our shareholders have responded so positively to this offering, which, including the additional subscription privilege, was substantially oversubscribed."

Strongco sells Manitowoc, Fassi, National Crane and Skyjack along with a range of general equipment.