Village Roadshow (ASX:VRL) has today announced the launch of a fully underwritten entitlement offer to raise around $51 million in new fully paid ordinary shares.
The offer price of $1.65 represents a 24.3 per cent discount to Village Roadshow’s closing price on the 6th July.
The media and entertainment business says that the proceeds combined with the sale of Wet’n’Wild Sydney are expected to generate net proceeds of $87 million which will be used to reduce borrowings.
The offer is fully supported by the company’s shareholders, who have committed to underwrite Village roadshow’s full pro rata entitlement.
Village Roadshow (ASX:VRL) is currently in a trading Halt the company Last traded at $2.18 on the 6th of July 2018.