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Coventry Group Limited ( (AU:CYG) ) just unveiled an announcement.
Coventry Group Limited has announced a non-renounceable pro-rata entitlement offer to raise approximately A$20 million through the issuance of new fully paid ordinary shares. The funds raised will be primarily used for debt reduction and working capital, with the offer priced at A$0.60 per share, representing a discount to recent trading prices. The offer is open to eligible shareholders in Australia and New Zealand, and the company reserves the right to adjust the allocation of funds as needed. This move aims to strengthen the company’s financial position and enhance its operational capabilities.
The most recent analyst rating on (AU:CYG) stock is a Buy with a A$1.24 price target. To see the full list of analyst forecasts on Coventry Group Limited stock, see the AU:CYG Stock Forecast page.
More about Coventry Group Limited
Coventry Group Limited is a company listed on the Australian Securities Exchange (ASX: CYG). The company primarily operates in the industrial sector, focusing on providing a range of products and services, including the distribution of industrial and construction supplies.
Average Trading Volume: 34,271
Technical Sentiment Signal: Sell
Current Market Cap: A$84.1M
For an in-depth examination of CYG stock, go to TipRanks’ Overview page.