Myer raises $3.7 million in intended $122 million rights issue

The retail component of Myer’s capital raising has fallen embarrassingly short, with mum and dad shareholders taking up just $3.7 million worth of shares in an entitlement offer Myer hoped would bring in about $120 million.
The offer was announced on September 1 with a price of 94¢ and was almost immediately under pressure when Myer’s share price fell to 90¢ two days later. The stock closed at 86¢ on Monday.
The offer closed on Thursday and Myer announced on Monday afternoon that shareholders had bought only about four million new shares.  Sydney Morning Herald – Read more…