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- Release Date: 08/03/12 12:32
- Summary: GENERAL: XRO: SPP takes Xero capital raised to over $35m
- Price Sensitive: No
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XRO
08/03/2012 10:32
GENERAL
REL: 1032 HRS Xero Limited
GENERAL: XRO: SPP takes Xero capital raised to over $35m
8 March 2012
Online accounting software provider Xero (XRO) has raised a further $15.6m
through its Share Purchase Plan (SPP), bringing the total capital raised in
recent months to $35.6m.
Following a $20m private placement in February, the SPP was initiated to
enable existing shareholders to increase their shareholding at the same price
of $2.75.
The SPP exceeded the company's expectations - more than 50% of eligible
shareholders participated, investing on average in excess of $10,500.
Following the SPP, shares issued will be 103.6m.
"This is a strong endorsement of our growth strategy from shareholders," says
Xero CEO Rod Drury.
"Xero is emerging as the leader in global online accounting. There are over
30 million small businesses in our current markets. Having achieved over 100%
annual compound growth for the last four years, a million customers looks
attainable. With substantial funding in place the company is uniquely
positioned to support large scale growth which will see Xero become a
significant global company."
Xero is also pleased the NZX has provided an efficient mechanism for raising
growth capital from domestic and international investors.
For more information contact:
Rod Drury
Xero CEO
[email protected]
+64 27 6000 007
End CA:00220482 For:XRO Type:GENERAL Time:2012-03-08 10:32:37
