Southern Cross Media has dispatched a retail offer to eligible shareholders inviting them to participate in a share entitlement offer for fully paid ordinary shares in the company.
The offer is 1.75 for 1 pro rata accelerated non renounceable fully paid shares, at an offer price of 9 cents per share. It closes on Monday 27 April.
The offer (see our previous report) is aimed to raise equity of about $170 million to reduce debt and to fund transaction costs at this difficult time in the market, caused by Corona virus.
On the same day as the offer has been announced to the stock exchange, the Commonwealth Bank ceased to be a major share holder in the company.
Chairman Peter Bush has written to shareholders outlining the offer: