Neptune’s equity offer
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.