Myer Holdings Limited
(ASX:MYR) has announced the successful completion of the institutional component of its 2 for 5 pro-rata non-renounceable entitlements issue announced on Tuesday.
CEO and Managing Director Richard Umbers says the $221 million raising will ensure Myer has the balance sheet flexibility to implement its “New Myer” strategy.
Myer shares were put into a trading halt at the start of this week, but will resume trading today.
The embattled department store giant expects net profit for FY 2016 to be in the range of $64 million to $72 million.
Myer reported a statutory net profit of $29.8 million in the year to June 30 2015.
