valad hints at raising

December 1, 2009

THE troubled property group Valad has signalled it may tap shareholders for another capital injection to cut debt, after warning its balance sheet remained ''overleveraged''.

Just weeks after raising $63.9 million in a placement and rights issue to fund the final instalment of its $2 billion acquisition of the British property group Scarborough, Valad's chief executive, Peter Hurley, said the group was continuing to look at asset sales to repay debt, and at further raisings.

''There may be opportunities to raise equity to replace debt, although we do not believe this is likely in the near term.''

Scott Rochfort


Source: The Sydney Morning Herald