Topps Tiles launches 10% placing
Topps Tiles is to strenthen its balance sheet with a placing of up to 17.1m new of shares, almost 10% of its issued ordinary share capital.
The company said that this was a precautionary step in the event of a further downturn in consumer confidence and spending but would also give additional resources to support the Company's growth strategy as opportunities arise in the market.
Topps said that it did not envisage any changes to the Company's current banking facilities ahead of the next refinancing, scheduled for the first half of 2011.
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