Fiberweb raises £25.4m to finance bolt-on purchases

Nonwoven fabrics manufacturer Fiberweb has launched a deeply discounted rights issue to raise £25.4m gross to help to finance acquisitions. Fiberweb is well within its loan covenants but the extra cash, ShareCast writes, will give it more flexibility with bolt-on acquisitions. The owners of international companies do not tend to be interested in Fiberweb shares and want cash. The focus of the expansion will be the industrial products business.