Sims to fund expansion with $475m
Date: 21/11/2009
Words: 140
Source: AGE
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Publication: The Age
Section: Business
Page: 6
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SIMS Metal Management has signalled it is on the lookout for buying opportunities after announcing a $475 million capital raising to fund its growth strategy.The global metal and electronics recycling company said yesterday the funds would provide financial flexibility to pursue a growth agenda."Through the capital raising, the company will be in an enviable position to strengthen its existing business and fund acquisition growth opportunities, which will enhance and expand its industry leading position," Sims chief executive Daniel Dienst said.The $475 million comprised a $400 million fully underwritten institutional placement at $21 a share, and a $75 million non-underwritten share purchase plan.The institutional placement is at a 5.4 per cent discount to Sims' last traded price of $22.20, before the company entered a trading halt yesterday. The trading halt was expected to be lifted on Monday.
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