Tag: PPX

Less than a week after revealing unexpected losses of around $23 million because of a currency option, PaperlinX has revealed overhead cuts of around $15 million by restructuring its head office.

Shares of paper maker PaperlinX were all but unchanged yesterday after the company confirmed that it will close its mill at Burnie in northern Tasmania.

And PaperlinX seems to have fallen around $50 million short of its target of raising $200 million from institutions through an accelerated non-renounceable entitlement offer. The paper merchant and manufacturer said yesterday that the institutional component of its rights issue announced on October 1 had raised $150 million from new and existing institutional shareholders.