Flight Centre Travel Group (ASX:FLT) set to raise $700 million

Company News

by Rachael Jones

Flight Centre Travel Group (ASX:FLT) is looking to raise $700 million, comprising a $282 million institutional placement and a $419 million 1-for-1.74 basis at $7.20 a share.

The Placement and the Entitlement Offer will result in the issue of approximately 97.2 million new fully paid ordinary shares in response to the COVID-19 outbreak.

Major shareholders the Turner, Harris and James families have committed to taking up a portion of their pro rata entitlements, in total representing a financial commitment of approximately $25 million.

Shares in Flight Centre Travel Group (ASX:FLT) are currently suspended - last traded at $9.91.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.