Here is a link to an article about the current CR...

Here is a link to an article about the current CR

http://www.theaustralian.com.au/bus...g/news-story/62e94ba50e70c3afeed0bd03526d46e2

Forestry products company TFS Corporation has launched a $60 million equity raising at $1.55 per share.

As reported by the BusinessNow blog, The raise will be by way of a placement of 38.7 million new shares, and shareholders are being offered the opportunity to participate in a share purchase plan of up to $5m.
The offer price is at an 8 per cent discount to the company’s last trading price of $1.685.
The deal is being handled by Canaccord Genuity and Moelis.
Of the money raised, $52.7m will be used to fund the buyback of grower plantations, while a further $7.3m will be used to source additional land for future plantations and general working capital.
TFS will make offers to buy up to 221 hectares of MIS grower interests in five MIS Projects due to be harvested between 2016 and 2022.
The company’s offer will provide growers with an option to sell ahead of harvest at a cash price based initially on the December 31, 2015 book value.
It is expected to have a maximum cost of $53m, assuming all of the grower interest are acquired in the buy back, which will be launched next month.
Shares in TFS were placed in a trading halt today.

Just FYI - 38.7*1.55= 59.985 million. The numbers work out, there is no additional $50mil for working capital.