Cash Converters announces underwritten $40M entitlement offer

Company News

by Anna Napoli

Cash Converters (ASX:CCV) has announced an underwritten entitlement offer to raise around $40 million.

The offer will be priced at 32 cents a share, which is a 12.8 per cent discount to the five day volume weighted average price of 37 cents.

Funds raised will be used to strengthen the balance sheet and reduce debt.

Cash Converters is a re-seller of second hand goods and provider of secured and unsecured loans.

Cash Converters (ASX:CCV) shares went into a trading halt on Tuesday morning ahead of the offer.

Shares in the company last traded at last traded at 36 cents.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.