Metcash (ASX:MTS) set to raise $330 million

20Apr

Metcash (ASX:MTS) set to raise $330 million

 

Metcash (ASX:MTS) today announced the launch of an Equity Raising of up to $330 million through which Metcash is seeking to strengthen its balance sheet and enhance liquidity.

The shares with institutional investors will be at $2.80 per share, which equals a 7.9 per cent discount to the last closing price.

They report their food sales trajectory pre COVID-19 has continued to improve and there was a significant uplift in sales in March / early April reflecting a change in consumer behaviour related to COVID-19 restrictions.

Hardware sales declined 1.3 per cent in the five months ended March 20202, which is an improvement on the decline in 1H20 of 4.2 per cent.

Shares in Metcash (ASX:MTS) are in a Trading Halt – Last traded at $3.04
 
Copyright 2020 – Finance News Network


Source: Finance News Network

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