Australia's Mayfield Childcare jumps on restructuring plans

Mayfield Childcare

31/12/2024 24:19

** Shares of Mayfield Childcare  MFD.AX  surge as much as
5.1% to A$0.505, their biggest intraday pct gain since Oct. 11
    ** Childcare services provider announces restructuring
overhaul with plans to divest underperforming portfolio in
Queensland and Victoria to curb excessive management expenses
    ** Firm also unveils a fresh incubator partnership with a
newly formed partner and is to be bankrolled by Finexia Limited
    ** Says, in a bid to back moves, it will raise A$4.6 mln
($2.86 mln) at A$0.4653 per share via placement
    ** Stock posts its highest level since Dec. 9
    ** Over 45,000 shares traded, 1.3 times the 30 day avg
    ** Stock down 30.8% YTD, including current session, at 2346
GMT
 
($1 = 1.6088 Australian dollars)

 (Reporting by Kumar Tanishk in Bengaluru)
 ((Tanishk.Kumar@thomsonreuters.com))