Australia's Carsales.com tanks to bottom of ASX 200 on discounted placement

CAR

29/06/2022 02:29

** Online auto classifieds Carsales.com Ltd  CAR.AX  sinks
as much as 14.7% to A$17.70, posting its biggest intraday pct
drop since March 2020, and taking it to the bottom of ASX 200
benchmark index  .AXJO 
    ** CAR on Monday https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02535444-3A596108?access_token=83ff96335c2d45a094df02a206a39ff4
 announced deal to buy the remaining 51% stake in U.S.-based
Trader Interactive for $809 mln  urn:newsml:reuters.com:*:nL4N2YE04G
    ** Analysts expect the acquisition to benefit CAR, expand
its global footprint and record revenue growth
    ** Co announced capital raising of A$1.21 bln ($834.90 mln)
to fund the acquisition
    ** Capital raising at an issue price of A$17.75 per share -
a 14.5% discount to the stock's closing price on June 24
    ** CAR on Wednesday https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02536228-3A596268?access_token=83ff96335c2d45a094df02a206a39ff4
 completes institutional entitlement offer, raising about A$842
mln
    ** CAR was on a trading halt on June 27 and 28
    ** CAR hits its lowest since June 17 on Wednesday; more than
1.6 mln shares change hands, vs the 30-day average of about
972,000 shares
    ** CAR down 17.3% this year, as of last close, outpacing a
9.2% decline in the ASX 200 benchmark


($1 = 1.4493 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))