Transport and logistics company Freightways is on a trading halt while it undertakes a $45 million institutional share placement.
The placement is fully underwritten at a price of $2.44 per share.
The company also plans to raise up to $5 million through a share purchase plan.
Freightways says it is raising the money to reduce its bank debt and strengthen its balance sheet.
It says a re-geared balance sheet will give the company greater flexibility through the downturn and provide funding to explore possible growth opportunities.
