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Steel & Tube raises USD 42.3 million new share-2019 China(Guangzhou)Int’l Metal & Metallurgy Exhibition-metal
exhibition
9/6/2018 金属展-冶金展-钢铁展-steel expo-metal &metallurgy expo |
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Scoop Media reported that Steel & Tube Holdings said that 71 percent of its deeply discounted 1-for-1.9 pro rata rights offer was taken up by shareholders and the stock has been halted for a shortfall bookbuild to raise another USD 17.8 million. Shareholders bought about USD 42.3 million of new shares at USD 1.05 in the offer, a 28 percent discount to the USD 1.46 price they were trading at prior to the announcement. The uptake "represents approximately 70.7 percent of the new shares available to eligible shareholders under the rights offer. In addition, applications totaling approximately USD 5.6 million were received for additional new shares attributable to rights not taken up.”
The offer is part of an USD 80.9 million capital raise to shore up the steel products maker''s balance sheet after a major restructure at the steel building products supplier. A USD 20.8 million placement was completed on Aug 7, with strong support from existing and new institutional investors.
While Steel & Tube needed a waiver from its banks earlier this year after writedowns and impairments meant it breached at least one lending covenant, last month the company said improving sales continued into the current financial year and it expects to resume dividends as restructuring begins to pay off.
Chair Susan Paterson said that "The funds raised will strengthen our balance sheet and provide us with financial flexibility to implement our business transformation initiatives and achieve our longer-term strategic objectives.”
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