Goodman Fielder in trading halt ahead of capital raising announcement
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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