Incitec Pivot

Incitec Pivot is under Algo Engine sell conditions.

IPL is raising A$600mn via an underwritten placement and A$75mn via a share purchase plan at a 9% discount to the closing price on 8 May.

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IPL’s capital raising is likely to be a positive near-term catalyst as a result of removing the funding risk. Although, we expect downward pressure on commodities to make the near-term operating conditions difficult for both IPL and ORI.

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