Full share issue for Freightways

The delivery and records management company announced the issue last month at the price of $1 per share.

The issue was for 25 million shares with the option for 5 million more shares in oversubscriptions.

Freightways says it plans to use the money raised to repay bank debt from a recent acquisition, build new facilities and reduce overall bank debt.

The company this week reported an improved third quarter result with Ebita for the nine months ended March at $17.1 million compared with $14.7 million for the same period last year.

Profit rose 32% to $6.6 million for the nine-month period.

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