Victory Offices Announced A$15.5 million Equity Raising

  • Jun 04, 2020 AEST
  • Team Kalkine

Victory Offices Limited (ASX:VOL) announced A$15.3 million equity raising via 1 for 1 fully underwritten pro rata non-renounceable entitlement offer.

The proceeds under the equity raising would support the company in strengthening its balance sheet to manage the ongoing impact of COVID-19 as well as fund the working capital requirements.

Victory Offices’ founding shareholder has committed participation of A$5 million in the offer. Other than this, the company has initiated a cost reduction plan to support the liquidity management which has stemmed in the decline in operating cost & postponement of Victory Offices’ growth program resulting in a negative cash run rate of A$0.6 million each month.


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