G4S unveils share issue plan to boost balance sheet Security contractor G4S has announced plans to issue new shares and sell parts of its business as new chief executive Ashley Almanza strives to improve the group's battered reputation. The firm, which came under fire last year for failing to provide enough security staff for the London Olympics, is to place 140.9 million new ordinary shares, representing up to 9.99 per cent of its existing share capital. G4S said its largest shareholder, Invesco, supported the placing and intended to take part in it. The group has also agreed to sell two business in Canada and Colombia for a total of £100m, and Almanza said other disposals could raise a further £250m. Net debt at G4S stood at almost 32 billion at the end of June, up from £1.8bn at the start of the year. First-half operating profits dipped to £201m, from £202m a year ago, as a squeeze on margins offset a 7.2 per cent increase in turnover to £3.6bn. Almanza said: "Our strong contract pipeline, strengthened balance sheet, focused investment programme and improved operational and financial management all support the delivery of revenue growth, operational efficiencies and improved cash generation. In the near term, 2013 will be a year of consolidation for the group with the actions we are now taking starting to deliver tangible benefits during 2014. G4S last night said that Himanshu Raja, currently chief financial officer at software company Misys, will be joining its board on 7 October, replacing interim finance chief Stuart Curl.