Super Retail Group (ASX:SUL) set to raise $203 million

Company News

by Katrina Bullock

Super Retail Group (ASX:SUL) has announced a $203 million underwritten, 1 for 7 renounceable entitlement offer.

The offer, which has both an institutional and retail component will see the company issue shares at a price of $7.19 per share.

The company says the proceeds will be used to pursue strategic growth initiatives in light of covid.

The raising follows a 26.2 per cent decline in sales in April compared to the April 2019.

However the company was quick to point out that sales have rebounded in May and are currently tracking 26.5 per cent higher that the prior corresponding period.

Shares in Super Retail Group (ASX:SUL) last traded at $7.81
 

Katrina Bullock

Finance News Network
Katrina is a respected TV journalist, as well as a renowned presenter and award winning lawyer. She holds a Bachelor of Laws (Honours 1st class, division 1), a Bachelor of Business (with Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She began her career as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel of Greenpeace Australia Pacific. In 2020 Katrina was named one of the 30 best lawyers in Australia under 30 by Lawyer's Weekly.