Australia's Thorn Group hits over 5-week high on warehouse trust reopening

Thorn

03/08/2022 04:27

** Shares of financial services co Thorn Group Ltd  TGA.AX  
rise as much as 4.2% to A$0.25, their highest since June 24
    ** TGA says its warehouse facility Thorn ABS Warehouse Trust
No.1 has been restructured and will commence utilization
 urn:newsml:reuters.com:*:nASX1f9W6H
    ** Warehouse facility to support co's Thornmoney brand which
provides business asset lending solutions
    ** Co has negotiated a funding limit of A$200 mln; first
drawdown expected soon
    ** Re-opening expected to increase capital efficiency of the
business, says co CEO
    ** More than 180,000 shares change hands, compared with the
30-day average volume of about 154,000 shares
    ** Stock has risen 3.8% this year as of last close
    

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))