Lindsay puts out hand to fund 'expansion'

Lindsay Australia hints at expanding transport fleet, with share sale launched to raise capital

September 14, 2009

Queensland-based operator Lindsay Australia has hinted at further trucking service expansion, with a share sale announced to raise more capital.

The listed company has told the Stock Exchange it will expand and make "fixed asset purchases".

Shareholders will have the opportunity to purchase up to $15,000 ordinary shares in the business and will be open to all company shareholders including directors and senior management who live in Australia and New Zealand.

"The plan is intended to provide existing shareholders with the opportunity to purchase further shares in Lindsay at $0.19 per share," a statement from Lindsays says.

"The company intends to use the net proceeds to increase working capital and to fund expansion and fixed asset purchases."

But the company remains silent on how much money it expects to raise and what it will be invested in.

"Lindsay has not set an upper limit on the amount of capital to be raised under the plan," the statement says.

The share purchase plan is described as a "one off offer" by the company and will close on October 5 this year.

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