Wood chipper Gunns Ltd
(ASX:GNS) has completed the institutional component of its entitlement offer announced on Monday August 31.
The company raised around $115 million from the issue of approximately 128 million shares at an issue of price of 90 cents a share.
Gunns says the offer was extremely well supported with strong demand from both existing and new institutional investors. The forestry company says the new shares issued under the institutional entitlement offer will not be entitled to the fiscal 2009 final dividend.
Gunns net profits have been decreasing each year over the last four years.
