Super Retail Group (ASX:SUL) disclosed an AU$203 million underwritten, 1 for 7 non-renounceable entitlement offer at a per-share issue price of AU$7.19. The offer comprises of both, an institutional as well as a retail entitlement offer.
Moreover, the company stated that this raising shall be used to pursue strategic growth initiatives.
The raising follows a 26.2% drop in sales in April as compared to April 2019. However, the company also pointed out that sales have rebounded in May and were noted 26.5% higher than the pcp in May.
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