Australia's Finder Energy hits record low on discounted entitlement offer

Finder Energy Holdings

08/08/2024 01:54

** Shares of Australia's Finder Energy  FDR.AX  fall as much
as 11.9% to a record low of A$0.052
    ** Stock on track for worst day since June 19, if current
losses hold
    ** Oil and gas explorer announces entitlement offer to raise
up to A$6 mln ($3.91 mln) at an issue price of A$0.048 per share
    ** Issue price at a discount of 18.6% to stock's last close
    ** Co says funds to support completion costs associated with
co's acquisition of 76% interest in oil fields in offshore
Timor-Leste
    ** About 2.4 mln shares change hands by 0045 GMT, vs the
30-day average volume of 56,664 shares
    ** Stock down 26.3% YTD, as of last close

($1 = 1.5330 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))