 On 5 December, Kier was demoted from the FTSE 250 Index, and its share price dropped below the rights issue price, making it cheaper for investors to buy shares in the open market than in the rights issue, and leaving underwriters (Numis, Peel Hunt, Citigroup, HSBC and Santander) facing losses.Shares were also subject to renewed 'shorting'.On 10 December, shares closed at 376.4p, a 15-year low.