Finance

Tabcorp begins $600m share capital issue following Covid-19 struggles

Australian market leader blames “significant uncertainty” over impact of pandemic as financial firepower required for flexibility moving forward

Tabcorp has begun a new share offering, aiming to raise A$600m (£329.2m) in new equity, as the business looks to strengthen its balance sheet amid Covid-19. The underwritten pro-rata accelerated renounceable entitlement offer allows shareholders to subscribe for one new Tabcorp share for every 11 shares held, at a price of A$3.25 per new share.…

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