Adare, the printing company, said yesterday more than three quarters of shares issued as part of its recent £17.9 million placing have been taken up by existing shareholders. The firm said some 76.3 per cent of the issue, or 2.2

million shares, had been taken up by qualified shareholders.

The placing is to fund the £12 million acquisition of Kalamazoo

Security Print in Birmingham and to reduce overall borrowings.