York Timbers raises R250m in fully subscribed rights offer
Shares still fall 6.4%, the most in a month, despite ‘overwhelming support’ from shareholders
York Timbers has successfully raised R250m in a fully subscribed rights offer approved by the firm’s board in early December.
The JSE-listed forestry and sawmill company raised the fresh capital from qualifying shareholders at a subscription price of R1.75 per rights offer share. That equates to a 33.87% discount to the 30-day volume weighted average price of R2.65 per share on December 1, the day before the offer was approved by the company’s board...
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