HUGALL and Hoile has signed an underwriting agreement for its one for four renounceable rights issue with Cunningham Securities.
The 5.5 cents a share offer is to raise about $1.4 million to reduce the company’s debt.
The company plans to issue a rights issue prospectus soon with the record date for participation expected to be February 16.
In an announcement to the Australian Stock Exchange the company says its half-year result, due to be announced on February 28, is expected to show a half-year profit result of $1.07 million.