Transport and logistics group, Move Logistics Group is aiming to raise $40 million of new capital to accelerate its growth strategy.
File image. Photo: 123rf.com
The funds will be used to support its recent brand refresh, (formerly TIL), complete its business restructure, fund further capital initiatives, including information technology systems, modernise its transport fleet and enter into intermodal equipment and maritime leases.
"The changes we have implemented and continue to make to our business, combined with raising additional capital through the offer, will have us well positioned to execute on our strategy and accelerate growth via organic opportunities," chairperson Lorraine Witten said
The fully underwritten pro-rata accelerated renounceable entitlement offer of new shares at $1.40 each to existing shareholders was a near 14 percent discount to yesterday's closing price (26 October).
Eligible shareholders were entitled to subscribe for one share for every 3.06 existing shares held as of Friday 29 October.