Metcash (ASX:MTS) set to raise $330 million

Company News

by Rachael Jones

Metcash (ASX:MTS) today announced the launch of an Equity Raising of up to $330 million through which Metcash is seeking to strengthen its balance sheet and enhance liquidity.

The shares with institutional investors will be at $2.80 per share, which equals a 7.9 per cent discount to the last closing price.

They report their food sales trajectory pre COVID-19 has continued to improve and there was a significant uplift in sales in March / early April reflecting a change in consumer behaviour related to COVID-19 restrictions.

Hardware sales declined 1.3 per cent in the five months ended March 20202, which is an improvement on the decline in 1H20 of 4.2 per cent.

Shares in Metcash (ASX:MTS) are in a Trading Halt - Last traded at $3.04
 

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.