According to the AFR, LCL will be raising up to $20m on 16c. This represents an approx. 19-23% dilution depending on the size of the deal. The raise is managed by Euroz Hartleys and Sprott and the insto placement will be closing this afternoon. I assume once the insto round is over, the trading halt will be lifted and trading recommences tomorrow morning.
Overall this CR is a huge disappointment, not only the size of the raise is too big, but they waited too long as well, so the SP has dropped from 20c to 18c.
