U.K.-based aerial rental company Lavendon Group, is planning to raise £26.9 million (about U.S. $44 million) through a private placement. Lavendon will issue more than 38 million shares, about an 81-percent stake in the company.

In its interim management statement for the period to Nov. 18, Lavendon said its trading in Europe for the second half of 2009 has shown tentative signs of stabilizing, although at business levels significantly below 2008. The company said it is experiencing good growth in its Middle East operations.