Turners Automotive plans to raise $30M to fund growth, improve liquidity

Tue, 12 Sep 2017

By Tina Morrison Sept. 13 (BusinessDesk) - Turners Automotive Group intends to raise as much as $30 million by selling new shares to help fund future growth and provide more liquidity for its stock. The Auckland-based company will raise $25 million through the placement of new ordinary shares at $3.02 apiece, which will be fully underwritten by the sole lead manager UBS New Zealand. It also plans to raise as much as $5 million through a non-underwritten share purchase plan which will be offered to eligible shareholders and convertible bon...

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