RHL.L Share News (RHL)

Redhall Group has announced plans to raise 7.5m pounds to recapitalise the engineering support service company's balance sheet. The firm will place more than 19m shares of 25p in capital at a price of 39p each, representing a 39.2% interest.Redhall said the recapitalisation of the balance sheet, combined with the recent resolution of legacy issues and restructuring of the business is expected to boost opportunities in key end markets.Company directors have subscribed for 307,691 new shares in the placing, at a total price of £120,000.Chief Executive Richard Shuttleworth, said: "We are delighted by the positive response from new and existing investors to this fundraising, which has the potential to be transformational for Redhall by recapitalising our balance sheet."This fundraising will give us the opportunity to deliver our strategy, which focuses on the Company's core strengths in niche manufacturing and specialised contracting. We see significant opportunities open to us in our key markets and the company is now well positioned for future growth."RD