Adelaide Brighton raises $85M

The South Australian company went into a trading halt yesterday ahead of the raising, in which the company is hoping to raise $100 million in total. The company said it had had strong interest from existing and new institutional shareholders. Adelaide Brighton last year paid $81 million for Queensland-based Hanson Building Products in a debt-free cash transaction.The deal saw HBP combine with Adelaide Brighton’s subsidiary, C&M Brick, giving the company further inroads into the Australian masonry market.Adelaide Brighton stocks were trading at well over $2 in the last week, but dipped to $1.84 this morning following the announcement of the capital raising, steadying to $1.86 in late morning trade.

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