Sky TV raises $119m to repay debt

Mon, 25 May 2020

Sky Network Television has raised $119.2 million from investors to shore up its balance sheet.The capital raising brought $110.1 million from a pro-rata entitlement offer at 12 cents a share and $9.1 million from a placement with institutional investors. Some 82 percent of the new shares were taken up by existing institutional shareholders.Sky’s shares dropped 40 percent to 19.8 cents in trading this morning. An offer to retail investors is expected to bring the total cash raised to $157 million.Chief executive, Martin Stewart said t...

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