Tuesday 27th September 2011 1 Comment
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Goodman Fielder, the food manufacturer whose brands include Edmonds baking products and Vogel’s bread, plans to raise new capital and has asked for a trading halt.
Trading in the dual-listed company’s shares and bonds has been stopped ahead of the announcement of a capital raising plan, the company said in a statement. It expects to resume trading on Friday.
Goodman Fielder reported an annual loss of $166.7 million in the 12 months ended June 30, on the back of a $300 million write-down in the value of its baking division.
The company has struggled to maintain profitability in the face of rising ingredient costs, while at the same time dealing with a competitive retail environment that forced significant discounting.
The shares rose 1.6% to 76 cents in trading on the NZX yesterday, and have tumbled 58% this year.
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