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clock Created with Sketch. 31/01/18
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Originally posted by a_t
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Oversubscribed Placement and Rights Issue to Raise up to $6.3m Highlights • $3.5m placement at 1.3 cents per share, lead managed by Red Leaf Securities, closes heavily oversubscribed • Entitlement issue offer at the same price for existing shareholders for up to a further $2.85m. • Proceeds to support EVE’s investment portfolio. Placement EVE Investments Ltd (ASX:EVE), an ASX-listed technology investment company, is pleased to announce it has received strong support for a capital raising, with firm bids received to complete a $3.5m capital raising, after scaleback of applications received. Red Leaf Securities has acted as lead manager for the placement, which will be conducted at 1.3 cents and shares will be issued within the Company’s 15% capacity under ASX Listing Rule 7.1. Funds raised will be used to support the company’s existing investment portfolio, support activities to seek new investments, as well as working capital. Red Leaf Securities’ Managing Director John Athanasiou on the support received: “The level of demand for this placement has been encouraging and the excitement in the investment community around Eve and its investments is reflected in the outcome. Unfortunately there was a large level of scale backs but the upcoming rights issue will give investors the ability to participate further.” Entitlement Issue In addition to the placement, EVE will also be offering Australian and New Zealand registered shareholders at the relevant record date the opportunity to participate in a non-renounceable entitlement issue at the same price as the placement. Due to the placement being heavily oversubscribed, the Company has decided to enlarge the size of the Entitlement Issue upon what was originally envisaged to meet expected demand from shareholders. The Entitlement Issue will be on a 1:10 basis seeking to raise up to a maximum of $2.85m. Shareholders will also have the ability to seek to participate in a Shortfall Facility, applying for additional shares beyond their entitlement allocation. Further details about the entitlement issue, including the entitlement record date, will be released in due course.
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So the CP is just for supporting existing investment portfolio??!
