Z Energy to raise $350m as covid, writedowns slash earnings

Mon, 11 May 2020

Z Energy plans to raise up to $350 million to reduce debt and stabilise the business for a tough year ahead.The firm, which today reported a 75 percent drop in full-year net profit, plans to raise $290 million by offering almost 106 million shares through a placement at a floor price of $2.75, a 12 percent discount to Friday’s closing price. A share purchase plan would raise another $60 million from existing holders.The raising was required by the firm’s lenders and holders of its US private placement notes in order f...

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