03/09/2009 - 17:43

TFS Corp raises $28m from placement

03/09/2009 - 17:43

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Perth-based Sandalwood grower and processor TFS Corporation has raised $28 million from an institutional placement with funds to be used to reduce debt and growth opportunities.

Perth-based Sandalwood grower and processor TFS Corporation has raised $28 million from an institutional placement with funds to be used to reduce debt and growth opportunities.

Merrill Lynch managed the placement which comprised of 28 million shares priced at $1 each.

TFS executive chairman Frank Wilson said the placement was oversubscribed with strong demand from new and existing shareholders.

"This placement puts TFS in a stronger position to execute our growth plans, both in Australia and overseas," he said.

"The prospects for the sandalwood market remain robust, and prices remain high driven by strong demand, diminishing global supply, and a global trend towards sustainable natural products."

TFS also plans to conduct a share purchase plan with details to released at a later date.

Shares in TFS closed down 0.5 cents to $1.10 today.

 

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