Capital notes issue for Montana

Last month Montana said it would pay $151 million in cash for all of brewer DB's shares in Corbans. The figure included the repayment of intra-group debt to DB, and Montana said it would also take over around $3 million in Corban's bank debt.

Montana is now proposing to raise $100 million, with over-subscriptions of up to a further $25 million, through the issue of capital notes.

The proposed issue is subject to shareholders approval which will be sought at an annual meeting of Montana's shareholders next month.

The company says further details of the proposed issue will be set out in an explanatory memorandum to the notice of meeting.

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