Agribusiness conglomerate Elders (ASX:ELD) said it will proceed with a $550 million recapitalisation plan after shareholders approved the proposal.
The company said it will make an underwritten $400 million share placement to institutions, as well as a $150 million share placement plan.
The vote was passed by a show of hands, but around 85% of the proxy votes were in favour of both measures.
Elders said it expects the measures to improve the company’s next profit in FY10, forecasting that the company will swing from a $26.9 million loss to a $55.7 million profit.
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