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Goodman Fielder Limited (ASX:GFF) says it will raise $259 million in new equity to give its balance sheet flexibility in order to pursue medium and long term financial growth.

The food manufacturer has announced a fully underwritten 5 for 12 pro-rata entitlement offer, priced at $0.45 per new share.



Goodman Fielder’s shares last traded at $0.59, prior to being placed into a trading halt ahead of the capital raising announcement.

 

The company last month flagged a restructure after describing its full year result as "unacceptable".

In the 2011 financial year Goodman Fielder posted a net loss of $161.3 million.