Qantas has today announced that it launched a capital raising comprising an underwritten institutional placement of A$500 million and a non-underwritten share purchase plan (SPP) enabling eligible shareholders to subscribe for up to A$10,000 of ordinary shares.
The equity capital raising is being undertaken to enhance financial flexibility and support the fleet renewal program, increase the diversity of funding, reduce net debt and support Qantas’ investment grade credit rating.
Under the share purchase plan each eligible shareholder can purchase new Qantas shares up to a maximum of A$10,000. The offer will be open from 18 February 2009 to 11 March 2009 and the price will be determined as the lower of the five day volume weighted average trading price prior to and including the closing date of 11 March 2009 or the final institutional placement price. Participation in the share purchase plan will be limited to shareholders resident in Australia or New Zealand.
At this time it is anticipated that the trading halt currently in place will be lifted at the commencement of trading on 5 February 2009, pending successful completion of the placement.
http://www.qantas.com.au/info/about/investors/index
