Ruralco halted ahead of raising

Ruralco Holdings (RHL) has been placed in a trading halt ahead of conducting a fully underwritten equity raising.

In a statement to the Australian Securities Exchange, Ruralco said the raising will partially fund a proposed acquisition and will comprise an accelerated non-renounceable pro rata rights issue.

The issue will be offered to eligible institutional and retail shareholders, as well as eligible institutional investors through a bookbuild.

Shares will remain halted until the start of trade on February 17 or when an announcement is released to the market, whichever is earlier.