Austal has tapped Euroz Hartleys to raise up to $220m by way of a placement and a share purchase plan.
It comes as shares in the nation’s navy ship builder remained in a trading halt on Tuesday as it sought support for an equity raising at $3.80 per share, a 15.6 per cent discount to its last traded share price.
It comes as Austal’s founder, John Rothwell, sells shares, offloading $50m of shares, should the deal be fully subscribed, and the remaining shares will be subject to a six month escrow arrangement.
A share purchase plan will also be offered to raise up to $20m with the $200m placement.
The funds will be used to fund its Final Assembly 2 expansion program and provide enhanced financial flexibility to execute on growth opportunities.
More to come
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