Australia's Beston Global hits record low on discounted capital raise

Beston Global Food

19/10/2022 03:33

** Shares of Beston Global Food Company  BFC.AX  skid as
much as 41.9% to hit a record low of A$0.036 
    ** The dairy supplier says it will raise about A$28.2 mln
($17.83 mln) via a share placement and a non-renounceable
entitlement offer  urn:newsml:reuters.com:*:nFWN31J3TM
    ** The placement will raise about A$3.3 mln, while
entitlement offer will raise around A$25 mln 
    ** Co says proceeds raised will be used to retire debt and
reset the balance sheet to accelerate earnings growth post
COVID-19 era, among others 
    ** Issue price for both at A$0.025 per share is at about
59.7% discount to the last closing price on Oct 14, before co
went on a trading halt
    ** About 7.9 mln shares change hands, 14.7 times compared
with the 30-day average volume of about 501,600 shares
    ** Beston stock down 13.9% this year, as of last close
    ($1 = 1.5820 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))