Blackmores Limited (ASX:BKL) notified the market that it is undertaking an equity raise, comprising the following:
- Placement: Fully underwritten institutional placement of $92 million
- Share Purchase Plan: Non-underwritten SPP of around $25 million to eligible shareholders
The proceeds from the equity raised shall be utilized
- To expedite in Asia
- To invest in efficiency program
- To strengthen the position of balance sheet
The SPP offer is expected to close on 3 July 2020 and allotment shall be made on 14 July 2020, while allotment date and normal trading of new shares issued under the Placement is 2 June 2020.
BKL reiterated that it expects FY 2020 underlying NPAT to lie in between $17 - $21 million.