Hardly Fair Harvey!

Harvey Norman did a 1-for-22 renounceable entitlement offer before Christmas at $2.50 per share. That’s a steep discount to where the share price was trading prior to the offer announcement, north of $3.50, and where it settled afterwards, a little below $3.50. Given the discount, 97% of shareholders wisely sent in their cheques or sold their rights on the market to someone else eager to invest. But, as always, some rights were not taken up. In this case, nearly 1.5m shares (3% of the issue) weren't applied for, despite the fat discount. What a caring company would do is take...

Harvey Norman did a 1-for-22 renounceable entitlement offer before Christmas at $2.50 per share. That’s a steep discount to where the share price was trading prior to the offer announcement, north of $3.50, and where it settled afterwards, a little below $3.50.

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