Syrah Resources falls most in 1-1/2 yrs on discounted placement

Syrah Resources

15/03/2024 01:34

** Shares of Australia's Syrah Resources  SYR.AX  fall as
much as 19.2% to A$0.555, marking its biggest intraday pct drop
since Sept. 2022
    ** Stock at its lowest level since Feb. 27
    ** The graphite producer completes discounted underwritten
institutional placement and entitlement offer, announced on
March 13
    ** Adds offer raised A$80 million ($52.54 mln)
    ** Placement was at fixed price of A$0.55 per new share,
representing discount of 19.1% to stock's closing price on March
12
    ** Adds AustralianSuper shareholding now increased to 31.9%
post funding round, from around 17.8% earlier
    ** Around 8.9 mln shares change hands as of 0124 GMT, vs
30-day average volume of 7.1 mln shares
    ** Stock up 8.5% YTD, as of last close


($1 = 1.5225 Australian dollars)

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))