Australia's Provaris Energy tumbles on discounted share purchase plan

Provaris Energy

03/05/2024 04:39

** Shares of Provaris Energy  PV1.AX  fall as much as 14.6%
to A$0.041, their biggest one-day pct loss since late-July 2023
    ** Green hydrogen project developer says it will raise A$2
mln ($1.3 mln) via a share purchase plan offer to eligible
shareholders at A$0.04/share
    ** Shareholders can apply for up to A$30,000 in value of new
shares without incurring brokerage or transaction costs - co
    ** Issue price represents a 16.7% discount to stock's last
close on Tuesday
    ** Shares were on a trading halt on Wednesday and Thursday
    ** About 1.4 mln shares change hands, compared with the
30-day average of around 490,000
    ** Stock down 5.9% YTD, as of last close

($1 = 1.5218 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))