AssetCo expected to get green light for another cash injection

INVESTORS in fire engine owner AssetCo are expected to rally round the firm today as it puts the finishing touches on its £26m share sale.

The company held a board meeting yesterday to work out the details of the fund-raising, which is needed to pay creditors and top up capital.

Shareholders are due to meet with management at broker Arden Partners’ offices this morning to count the votes for the latest cash injection, and are expected to approve the plan.

AssetCo warned on Friday that it needed more funds despite its planned £16m share placing and emergency funding from Lloyds Banking Group.

The firm recently rejected takeover interest from a Middle Eastern investor, calling it “opportunistic”.