Scales raises $25.2 mln to refinance blocking stake in Turners & Growers, mulls Enza merger

Tue, 29 May 2012

By Paul McBeth May 29 (BusinessDesk) - Scales Corp has raised $25.2 million in a rights issue to repay funds borrowed to build a blocking stake in Turners & Growers and says it would consider a merger between T&G’s Enza unit and its Mr Apple business. Christchurch-based Scales sold 12.6 million shares at $2 apiece in a fully-subscribed five-for-11 rights issue after borrowing $20 million from controlling shareholder Direct Capital to invest in T&G, according to documents lodged with the Companies Office. Scales acquired 10.3 percent of T&G...

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