Silver Eagle capital cut

FOOTWEAR manufacturer Silver Eagle Holdings has announced plans to reduce the paid-up share capital in the company and to launch a rights issue in order to overcome an outstanding deficit of almost $300 million.

The company will present a plan to shareholders to reduce the paid-up capital to $4.65 million from $88.3 million.

It hopes to raise $12.1 million through the issuing of 23.5 million new shares.