Brambles Limited (ASX:BXB) has decided to keep its information management business Recall and as a result will launch a capital raising.
The pallet supplier has entered into a trading halt this morning as it prepares to raise $448 million through a fully underwritten 1-for-20 renounceable entitlement offer.
Brambles says it wanted to divest Recall to maximise value for shareholders but amid challenging market conditions the offers received for Recall did not reflect enough value or certainty.
The company has today confirmed its full year underlying profit guidance and expansion plans for its pooling solutions operation and also the retirement of its Chief Financial Officer, Greg Hayes.
Brambles reported a net profit of $235.8 million in the first half of the 2012 financial year.
