Sydney will raise up to $2bn through a renounceable one-for-5.15 rights issue at $4.56 a share, which is a 15% discount to the last close and underwritten by UBS.
SYD reported a half-year loss of $53.6 million, with no interim dividend declared. Revenue down 36% to $511m and EBITDA down 35% to $300m.
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