Gunns Ltd has said that it is in confidential discussions with institutional investors about a $400 million capital-raising venture. Sources: ABC, The Mercury Tasmania
Gunns managing director Greg L’Estrange did not provide details of its plans to raise capital but has told the stock exchange that it is in the final stages of preparing a plan to offer new shares.
Last week the company failed to provide information regarding the timing of the equity raising and has not traded on the ASX since March 9 2012 and so remains in a trading halt.
Seven weeks ago Singapore-based Richard Chandler withdrew from a proposal to invest $150 million in Gunns.
