Australia's Lifestyle Communities faces worst day in 4 years on discounted raise

Lifestyle Communities

22/02/2024 23:44

** Shares of Lifestyle Communities  LIC.AX  slump as much as
15.9% to A$14.57, set for worst day since March 23, 2020 - if
losses hold 
    ** Stock top loser on the benchmark index  .AXJO   
    ** Retirement and aged care co completes institutional
component of its entitlement offer, raising A$201 mln ($131.86
mln) at A$16.00 per share 
    ** Offer price at 6.7% discount to last close on Feb 21 
    ** Stock was placed under trading halt before market hours
on Feb 22, after which co announced the entitlement offer to
raise a total of A$275 mln 
    ** Shares down for a fifth straight session
    ** Stock down ~5% this year, as of last close

($1 = 1.5244 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))