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Amalgamated Holdings announces entitlement offer

Amalgamated Holdings announces entitlement offer

Cinema and hotel operator Amalgamated Holdings (ASX:AHD) has announced plans to raise $107 million via a renounceable entitlement offer.

The offer will entitle Amalgamated investors to purchase new shares at a ratio of one new share for every five shares owned. Eligible shareholders will also be able to apply for new shares.

The offer has a fixed $4.10 offer price, which compares to Amalgamated’s trading price of $5.97 yesterday, prior to the announcement.

The funds will be used to pursue potential acquisitions, Amalgamated said. The company expects to maintain a dividend of 32 cents per share in FY10.

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