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In a statement, Alumina said it plans a 7-for-10 non-renounceable entitlement offer at A$1.00 a share - a 33% discount to the group's last traded price of A$1.49.
It said it will raise a A$644 million through a fully underwritten institutional offer, and could raise a further A$378 million via an offer to its retail shareholders.
"The equity raising will strengthen our balance sheet and effectively remove 2010 debt refinancing risk," Alumina Chief Executive John Bevan said.
"We have great confidence in the resilience of the AWAC assets but we can't predict when debt and commodity markets will improve and it is prudent to act now to secure funding to support the value of Alumina's assets for our shareholders," Bevan said.
Macquarie Capital Advisers Ltd and UBS are joint lead managers for the offer, and will underwrite the institutional element of the raising.
-By Lyndal McFarland, Dow Jones Newswires; 61-3-9292-2093; lyndal.mcfarland@dowjones.com
(END) Dow Jones Newswires
04-29-09 2010ET
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