Flight Centre: Raising $700M to ride out turbulent conditions
- Flight Centre (FLT) will raise $700 million to stay onboard during this COVID-19 pandemic
- Managing Director and CEO Graham Turner says this is the most challenging period he has ever encountered in over 30 years in business
- Flight Centre plans to issue around 97.2M in new shares at $7.20 each, representing a 27.3 per cent discount to the last traded price
- The capital raising is fully underwritten and includes a $282M institutional placement and a $410M 1 for 1.74 entitlement offer
- Flight Centre has previously closed a large number of leisure shops throughout the world
- Flight Centre remains in a trading halt, with last trade at $9.91 per share on March 19
