Ann: Nearmap successfully completes $72.1 million placement, page-19

Macquarie note: Nearmap's capital raising should help fund what Macquarie says is an up-front land grab necessary to gain scale in a competitive industry. The Australian bank endorses the aerial photo-mapping firm's raising, which adds A$88 million to its balance sheet, and says it was unsurprising given the need to fund growth initiatives, especially in North America. The raising reduces balance-sheet risk and allows investment despite potential uncertainties from the coronavirus, Macquarie says. Nearmap is targeting growth from customers in insurance, government and roofing, which Macquarie notes are less cyclical than other verticals. Target price rises 16% to A$3.20.