Nep­tune’s equity of­fer

Townsville Bulletin - - Investor -

AN­GRY in­vestors have lam­basted Nep­tune Marine Ser­vices Ltd for propos­ing a di­lu­tion of their share­hold­ings via a cap­i­tal rais­ing of up to $ 80.6 mil­lion un­der plans to re­turn the ail­ing com­pany to growth. How­ever, the deeply dis­counted equity of­fer was ap­proved at a meet­ing of share­hold­ers in Perth yes­ter­day. Chair­man Ross Ken­nan de­fended the planned rais­ing, say­ing it fol­lowed coun­selling from ad­vis­ers and bro­kers. ‘‘ To pro­tect ex­ist­ing share­hold­ers, we got an agree­ment with the ASX ( Aus­tralian Se­cu­ri­ties Ex­change) to go into sus­pen­sion,’’ he said.

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