Fiberweb in £25m rights issue

Nonwoven fabrics manufacturer Fiberweb yesterday launched a rights issue to raise £25.4m gross to help it to finance acquisitions. The one-for-three rights issue at 60p a share, a discount of two-fifths to yesterday’s share price, will raise £23.9m after expenses. It also revealed 2010 revenues rose to £463.2m – up from £454.2m – with underlying operating profits up 25.5 per cent to £29m.