Australia's M8 Sustainable falls to 5-week low on entitlement offer

M8 Sustainable

24/06/2021 03:54

** Shares of waste management firm M8 Sustainable Ltd
 M8S.AX  decline as much as 17.2% to A$0.024, their lowest since
May 20
    ** Co announces a 1-for-1 renounceable entitlement offer to
raise A$4.7 mln ($3.6 mln) to ramp up steel activities at the
Maddington waste processing facility in Western Australia, among
others  urn:newsml:reuters.com:*:nASX1bWpsT
    ** Shares issued under the offer will be priced at A$0.02
apiece, a 31% discount to co's last close on June 18 after which
it went on trading halt
    ** M8S to issue about 233.2 mln new shares as part of the
offer, which are triple the co's 75.9 mln shares of free float,
as per Refinitiv data
    ** Stock posts its biggest one-day pct fall in over a month
    ** Stock has lost 49.1% this year, as of last close

($1 = 1.3203 Australian dollars)

 (Reporting by Yamini C S)
 ((Yamini.CS@thomsonreuters.com;))