SEEK Limited (ASX:SEK) has discarded its plans to raise $125 million which it announced earlier this month.
The employment website says it’s not satisfied that it would achieve acceptable terms and would not be in the best interest of shareholders to proceed.
Seek confirmed it is strongly capitalized and funded by existing bank facilities along with continuing strong cash flows.
The proceeds of the abandoned capital raising were to be used to pay down debt and fund new investments.
In the first half of the 2012 financial year Seek reported a net profit of $63.1 million.
