Super Retail raising $203m in share sale

Super Retail Group plans to raise $203 million through a non-renounceable entitlement offer to invest in sales growth and working capital amid the disruption caused by the coronavirus pandemic.

The company, which owns owns Rebel Sport, Supercheap Auto, BCF and Macpac brands, will issue one share for every seven held by existing shareholders, at $7.19 each, a nearly 8.0 per cent discount to Friday’s closing price.

It also said group sales rebounded strongly in May following a decline in April. Like-for-like sales were up 26.5 per cent in May after declining 26.2 per cent in April.

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