Rexam, the drinks packaging giant, is seeking further investment to complete its share rights issue designed to raise funds to protect the firm's credit rating.

Following the end of the intended sale period, Rexam said today (19 August) that it has sold 95% of the shares issued.

Worse than expected trading in the recession forced Rexam to seek GBP350m (US$574m) by issuing 234m shares at GBP1.5 each, in a move devised to protect the company's embattled credit rating.  

Financial agents will use "reasonable endeavours" to sell all remaining shares issued as part of the fundraising plan, Rexam said.

Like-for-like net sales and operating profits fell by 6% and 20% respectively for the first six months of 2009, compared to the same period last year, the firm said in a trading update last month.