Briscoe Group (ASX:BGP) supports Kathmandu's capital raise

Company News

by Katrina Bullock

Briscoe Group Australasia (ASX:BGP) has announced its support for the Kathmandu Holdings (ASX:KMD) capital raising.

It has been allocated over 5.3 million shares from the institutional entitlement offer at a cost of approximately NZ$13.6 million.

The additional shares requested represent 50 per cent of Briscoe Group’s total entitlement. Group Managing Director Rod Duke says “[w]e are supportive of Kathmandu’s initiatives to diversify and grow their business via the acquisition of Rip Curl and were pleased to be able to support the capital raising and increase our current shareholding”.

This brings Briscoe’s investment in Kathmandu to a total of $87.9 million.

It continues to be Kathmandu’s single largest shareholder.

Shares in Briscoe Group (ASX:BGP) last traded at $3.42.