Savor announces $3.25m fully underwritten rights issue

Savor Limited has announced a fully underwritten rights issue to raise $3.25m, offering 5 new shares for every 44 held.

The issue will open on 13 February and close on 22 February, with allotments to be completed on 28 February.

The proceeds of the issue will be used primarily to pay down the Group’s short term floating rate liabilities.

Eligible shareholders will be able to apply for oversubscriptions, and Savor reserves the right to place additional shares if demand exceeds expectations.