Australian Stock Report - Share Tips
Metcash (MTS) $325m Capital Raising
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Publish date: Thu, 28 Jun 2012, 04:23 PM
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$325m Capital Raising
Metcash Limited (MTS) is a leading marketing and distribution company operating in the food and other fast moving consumer goods categories.
MTS operates via three business units: IGA Distribution (retail), Campbells Cash & Carry (wholesale) and Australian Liquor Marketers (ALM; liquor wholesale).
Metcash announced a $325 million capital raising, the new shares will be issued at $3.46, which is a 7.5% discount to its previous closing price.
The funds will be used to pursue growth opportunities through acquisitions, as well as provide financial flexibility to take advantage of any future opportunities that may appear.
The group also released its FY earnings, showing a net profit of 90 million Australian dollars, a 63% fall on the prior year's results.
The company said in a statement that results had been hit by one-off restructuring and impairment costs.
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