 On 15 November 2018, Kier announced the £24m sale of its Australian road assets business KHSA to joint venture partner Downer, saying sale proceeds would help reduce net debt - £624m at 31 October 2018.However, on 30 November, Kier announced a £264m rights issue, priced at 409p, to pay down net debts; the announcement led to Kier shares dropping almost 33%, cutting Kier's stock market value by £329m to £492m.The slide continued; on 3 December shares were trading around 40% lower than before the rights issue announcement.