Steel & Tube Holdings Ltd’s share price rose 11c to $1.34 in the 4 days before it revealed Fletcher Building Ltd’s intention to take it over.
Steel & Tube
Steel & Tube Holdings Ltd reaffirmed its 2019 financial year guidance of $25 million ebit today, citing positive progress under its “Striving for excellence” strategy.
Steel & Tube Holdings Ltd said yesterday it had to scale the shortfall bookbuild component of its $80.9 million capital raise announced on 7 August, after getting strong support from both existing shareholders & new investors.
Improved trading in the last 3 months of the financial year to June lifted Steel & Tube Holdings Ltd’s earnings slightly above guidance issued in May. The result was unchanged from guidance issued 3 weeks ago (see the story links below), but the company’s outlook has already brightened.
Steel & Tube Holdings Ltd announced 2 capital issues today to raise $80.9 million, and produced slightly more positive guidance on its financial results for the year that ended on 30 June.
Class action specialist, Auckland lawyer Adina Thorn, said yesterday Steel & Tube Holdings Ltd’s 24 guilty pleas last November relating to false & misleading representations about steel mesh had boosted interest in a proposed class action.