Cash Converters announces underwritten $40M entitlement offer

30/05/2018 11:25:00

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Cash Converters (ASX:CCV) has announced an underwritten entitlement offer to raise around $40 million.

The offer will be priced at 32 cents a share, which is a 12.8 per cent discount to the five day volume weighted average price of 37 cents.

Funds raised will be used to strengthen the balance sheet and reduce debt.

Cash Converters is a re-seller of second hand goods and provider of secured and unsecured loans.

Cash Converters (ASX:CCV) shares went into a trading halt on Tuesday morning ahead of the offer.

Shares in the company last traded at last traded at 36 cents.