Propel Funeral Partners eyes worst day in 19 months on discounted placement

Propel Funeral Partners

19/10/2021 02:26

** Shares of Propel Funeral Partners  PFP.AX  drop as much
as 7.2% to A$4.1, on track for their worst session since
late-March 2020 
    ** The funeral services provider says received commitments
to raise A$50 mln ($37.11 mln) via placement to fund growth
initiatives  urn:newsml:reuters.com:*:nASX2vn8g2
    ** Placement at an issue price of A$4.10/share, a 7.2%
discount to stock's closing price on Oct. 15, when it last
traded
    ** PFP also announces A$10 mln share purchase plan to
eligible shareholders
    ** Stock hits its lowest since Oct. 7
    ** More than 107k shares change hands, vs the 30-day average
volume of ~50k shares
    ** PFP stock up 55.1% this year, as of last close
    
  


($1 = 1.3475 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))