Capital Raising Update
Namoi Cotton today provided an update regarding its proposed capital raising following its recent Restructure to a public company listed on the ASX.
Mr Stuart Boydell, Chairman, commented: “Now that the restructure has successfully been implemented on 10 October 2017, the Board has met and considered the capital raising and its timing further against the backdrop of an improved operating outlook following recent rainfall events, forward La’ Nina bias weather conditions and present business position. At this point in time, the current financial year’s forecast cash flow from operating activities combined with the positive operating outlook, strategic intentions and effective capital management are resulting in a re-assessment of the overall quantum of the capital raising. At this stage, the Board expects the capital raising will materially less than previous guided amount of up to $35 million. Initial improvement capital expenditure plans associated with the strategic plan previously outlined will be created for from existing available cash flows.”
Mr Boydell, added: “The current intention is that, subject to market conditions, the capital raising is intended to now take place early in the 2018 calendar year.” Securityholders will be provided with further details as material decisions are made.
For further information, please contact:
Chief Executive Officer
Namoi Cotton Limited
(07) 4631 6104