Thorn Group (ASX:TGA) has announced that it will undertake an accelerated non-renounceable entitlement offer (“Offer”) of New Shares at an Offer Price of $0.24 cents per share to raise approximately $38.7 million in new equity.

Shaw and Partners has been appointed as Sole Lead Manager and has fully underwritten the Offer.

Eligible shareholders are entitled to apply for 1 New Share for every 1 fully paid ordinary share.

The Offer is being undertaken to fund its class action settlement, provide additional working capital for Thorn Business Finance and to restructure the Radio Rentals business.

For more information please contact your Shaw and Partners adviser. 

About Thorn Group

Thorn Group is a diversified financial services company providing financial solutions to consumers and businesses. Thorn Business Finance is a provider of leasing and other financial services to small and medium enterprises. Thorn employs approximately 550 people, has been listed on the ASX since 2006, is licensed under the National Consumer Credit Protection Act 2009 and operates a responsible lending policy. Thorn’s consumer leasing business, Radio Rentals is a leader in the household goods consumer leasing market, operating since 1937 and with 64 retail stores nationally.