Gunns proceeds with $400M equity raising

Company News

 

Gunns Limited (ASX:GNS) has confirmed today that it will be proceeding with its equity raising which it announced last month.

The proposed equity raise is aimed to significantly reduce its debt facilities and expected to raise approximately $400 million and may involve the placement of shares to new investors.

The Tasmanian timber company says it will provide a further update to the market later this month.

Shares in Gunns have been in a trading halt since 9 March this year.

In the first half of its 2012 financial year Gunns posted a net loss of $173 million.