Myer shares have plunged to a new all-time low of 90 cents after the completion of the first part of the department store's $221 million capital raising.
The shares resumed trading on Thursday for the first time since Myer reported a 70 per cent drop in full year profit to $29.8 million, and launched a $600 million overhaul of stores in an effort to boost sales.
By the close of trade the shares had dropped 20 per cent to 90 cents, their value diluted by the offer of two new shares for every five owned by investors.
The fall took the shares below the 94 cents price placed on the new shares offered to existing shareholders.
It's also well below the $4.10 Myer shares were valued at when they first went to market in October, 2009.
To help fund its new plans, Myer has so far raised $99 million from institutional investors, and expects to raise a further $122 million through a fully underwritten retail entitlement offer.
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