King Salmon rights issue at 83% discount - shares plunge

Filleted: major shareholders will follow their rights. (Image: Depositphotos)

Wed, 13 Apr 2022

New Zealand King Salmon will raise $60.1 million in a 2.85 for 1 rights offer to existing shareholders at 15 cents a share, a whopping 83% discount to its share price.Shares in the salmon farmer, which closed on Tuesday at 86 cents, were placed in a trading halt ahead of the announcement of the capital raise on Wednesday morning. After the halt was lifted, the shares dropped to 70 cents, a fall of almost 19%, in late-afternoon trading.The offer is also a 55.1% discount to the theoretical ex-rights price (TERP) of 33 cents a share, which compare...

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