News: TFC TFS undertakes $60 mln institutional share placement

April 4 (Reuters) - TFS Corporation Ltd (TFC) :

• TFS undertakes a $60 million institutional share placement
• Issuance of 39 million new ordinary shares at a price of $1.55 per share
• Placement was significantly oversubscribed with strong demand from both existing and new institutional investors
• Says TFS will issue approximately 39 million new ordinary shares at a price of $1.55 per share
• Says a target of $5 million will be raised via the SPP
• Says expects to launch the buy-back by making offers to growers in the TFS 2000 scheme in April 2016
• TFS expects to apply an appropriate scale-back policy if valid applications exceed $5 million
• Proceeds from institutional placement will be used to fund acquisition of up to 221 hectares of MIS grower interests ("buy-back") in five mis projects