I suppose they need some money to fund their next dividend :p;
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Bit strange raising funds from shareholders without really hinting at what purpose it is planned to go to. Could be a black hole developing.
Net debt is what is pertinent - THL had $225m of net debts as at 31 December 2018.
Probably has increased higher since then as $12.5m of dividends were paid and THL (as W69 pointed out) has been using debts to pay dividends.
So the $90m raised is clearly to appease the banks.
Lets hope they retire debt. Why didnt they make that plain. Doing an Israel. Funds can go to anything they desire.
In the main announcement they did say what new capital was ...and expanded on this in presentation
Extract-
The equity capital raising will:
Create additional balance sheet headroom and provide thl with financial flexibility to undertake smaller bolton acquisitions without the need to raise additional equity capital, allowing it to more quickly respond to opportunistic situations as they arise;
Fund near term investment in travel technology opportunities through TH2; and
Reduce debt levels and leverage, which thl considers to be prudent at this time given headwinds in some markets (e.g. USA).
And thl going to help their CTIC get into RVs and take China by storm
They should be suspending dividends