WYG completes refinancing deal

The Leeds-based group's restructuring saw a debt-for-equity swap in which shareholders in the Leeds-based business accepted a significant dilution of their stakes by approving the plans.

Investors were forced to accept a significant dilution of their stakes by approving the plans, which hand WYG's banks a majority share.

Shareholders had been warned their stakes would likely be worth nothing if they voted against the plans.

WYG, which has rebranded from White Young Green, has worked on major construction projects in Yorkshire including new stands at York Racecourse and Yorkshire County Cricket Club's Headingley Carnegie ground.

Chief executive Paul Hamer said: "The admission of the company's post-consolidation existing and new ordinary shares to AIM marks the end of WYG's financial restructuring and the beginning of the next stage of the company's development.

"WYG now has a stronger capital structure and is better placed to withstand the challenging market conditions that we continue to face as we seek to rebuild shareholder value."