TFS undertakes $60 million placement

Company News

TFS Corporation Limited (ASX:TFC) has announced the successful completion of $60.45 million institutional placement to existing and new institutional investors. 
 
The world’s largest owner and operator of Indian sandalwood plantations will issue approximately 39 million shares at a $1.55 per share. 
 
The price is at an 8 per cent discount to the closing price of $1.685 last Wednesday. 
 
Proceeds raised will go towards a buy-back of Indian sandalwood plantation assets due for harvest within the next 5 years. 
 
TFS Corporation reported a net profit of $67.41 million at 31 December 2015.

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