PaperlinX capital raising falls short

PaperlinX Ltd has fallen $50 million short in its bid to raise $200 million from institutions through an accelerated non-renounceable entitlement offer. The paper merchant and manufacturer said the institutional component of its rights issue announced on October 1 had raised $150 million from new and existing institutional shareholders. The company originally hoped to raise $200 million from institutions, with the potential for an additional $100 million to be raised through the retail component of the offer. Tuesday PaperlinX said it was now seeking to raise up to $77 million from the retail offer which opens Tuesday. The entitlement ratio was set at two new shares for every five existing shares held in the company as at last Friday evening, with the... [read full story]