Move raising $40m through accelerated rights issue

Wed, 27 Oct 2021

Move Logistics, formerly TIL Logistics, said it will raise about $40 million via a fully underwritten one-for-3.06 rights issue priced at $1.40 per share.Move shares closed at $1.62 on Tuesday, meaning the price is a 13.6% discount to market and a 10.6% discount to the theoretical post-issue price.The proceeds are to provide the company with financial flexibility to accelerate its brand refresh, complete its business restructure, fund further capital investment, including in IT systems, to modernise its fleet and to enter into intermodal equipm...

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