Pacific American falls most in 3 weeks on discounted capital raising

Advance Metals

10/09/2021 06:20

** Shares of Pacific American Holdings  PAK.AX  drop as much
as 10.5% to A$0.017, their biggest intraday pct fall since Aug
20
    ** The Australia-based renewable energy co intends to raise
up to A$2.5 mln ($1.85 mln) via a 1 for 2 rights issue to
eligible shareholders  urn:newsml:reuters.com:*:nASX3CQ62t
    ** Says capital raising at an issue price of A$0.016 per
share, reflecting a discount of 15.8% to stock's closing price
of A$0.019 on Sept 9
    ** More than 2 mln shares change hands, vs the 30-day
average volume of ~874,000 shares
    ** Pacific American stock down 13.6% this year, as of last
close

    ($1 = 1.3543 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))