Chemeq confirms details of $50m capital raising
Wednesday, 18 August, 2004
Chemeq (ASX: CMQ) has confirmed that its capital raising will include a placement of around AUD$10 million to institutions and sophisticated investors, as well as an underwritten rights offer of around $40 million to existing shareholders.
The placement is not likely to be completed until early next week, according to CEO Graham Melrose, and the rights issue will take another 3-4 weeks to complete. Shareholder approval is not required for the process.
Melrose said the placement price would be subject to a book building exercise, but would be likely to be in the region of $2.40-2.70.
The company is in voluntary suspension while it finalises the placement.
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