Australia's AVJennings tanks on discounted entitlement offer

Avjennings

13/10/2023 03:04

** Shares of AVJennings  AVJ.AX  drop as much as 37.5% to
A$0.250, their lowest level since Nov. 14, 2012
    ** Stock currently down ~22%, on track for worst day ever if
trend holds
    ** Real estate co says completed institutional component of
entitlement offer of A$30.4 mln ($19.2 mln), raising A$18.1 mln
    ** Co raised capital at an issue price of A$0.20 per share,
a discount of 42.2% to its last close
    ** More than 1.5 mln shares change hands, highest since June
2, 2020
    ** Stock has fallen 1.2% this year, as of last close

($1 = 1.5815 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))