ASB gives Smiths City space to fix capital structure

Mon, 30 Mar 2020

Smiths City has another four weeks to make its next payment to lender ASB Bank as it tries to find a new capital structure that works for the retail chain and financier.The shares sank 13.8 percent, or 2.4 cents, to an all-time low 15 cents when they resumed trading today, albeit on a typically light volume of 11,300 shares.Trading in the shares was halted on Friday to let the company discuss its $65 million facility with ASB. Repayment of $1.5 million was due tomorrow, but the bank has granted a four-week delay.The company said it believes it...

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