Kenning to raise Eal m
Page 14
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THE KENNING Motor Group is intending to raise £9.1m through a rights issue of over 10m ordinary shares on a one for three basis.
The chairman of the group, Hubert Kenning, said the money is wanted for expansion of traditional activities and for new investments. He said that the group is expecting its car rental and contract hire business to Continue continue to grow, and it is also improving its car dealerships and modernising its tyre depots. The first phase of its timesharing project in the Lake District should be finished later in the year.
• In the group's interim report of June 14 the chairman announced that profit before taxation for the half year ended March 31 had doubled to £4.9m compared to the corresponding period last year.
Results from the United Kingdom and Europe, he said, were particularly encouraging: a loss of £0.7m had been turned into a profit of £2.4m.