NAB Group Chief Executive Officer Ross McEwan today released a number of announcements to the market, including NAB’s 2020 Half Year Results (brought forward from 7 May 2020) and proposed equity capital raising.
“Drawing on our experience during the global financial crisis, we know that taking early and decisive action to strengthen our business and support our customers is critical,” says a joint letter to shareholders from NAB Chairman Philip Chronican and NAB Group CEO Ross McEwan.
The announcement includes Institutional Placement and Share Purchase Plan of combined $3.5 billion capital raising through to help bolster its balance sheet.
NAB’s shares (ASX: NAB) have been placed in a trading halt to enable the Placement to be
completed, with trading expected to recommence on Tuesday, 28 April 2020.
Details can be viewed here.