oversubscribed

Jeez that "under" oversubscribed spp wording got me at first, I thought they fell short for a second!!! Anyway they got there with flying colours and a little more in the kitty. Now bounce damn you:)))

Announcement:

Industrea raises $21.3m under oversubscribed SPP
• Industrea Share Purchase Plan (SPP) oversubscribed raising approximately $21.3m
• Strong endorsement of business growth strategy with over 23% of shareholders subscribing
• Funds to leverage FY2010 growth opportunities in Australia, China and Chile
• Approximately 52.1m new shares to be issued qualify for final dividend
Global mining products and services provider Industrea Limited (ASX:IDL) FY2010 growth strategy was today consolidated with the successful closure of its SPP which raised approximately $21.3m following its launch on 31 August 2009.
Industrea Managing Director and CEO, Robin Levison, said that in light of strong shareholder demand the Board had resolved to accept oversubscriptions beyond the original $20m target.
“The capital raised will help underpin our planned expansion in 2010 and to fully capitalise on the strong surge of new contracts we’ve won already in the first quarter, including our subsidiary, Huddy’s Mining Services significant contract extension with Rio Tinto Coal’s Mount Thorley Warkworth mine in the Hunter Valley, which over the next two years is worth up to $40m per annum.
“The additional equity raised will also be used to fully leverage new business revenues from Industrea’s new product support centre in China and our growing presence in Santiago in Chile,” he said.
Mr Levison said the SPP had generated strong support with over 23% of Industrea’s shareholders accepting the offer to take up shares with an average investment of approximately $9,000 per shareholder.
“During the historically difficult months of September/October, Industrea has successfully exceeded our fund raising target, at a modestly discounted price of $0.4092 (5% discount to the 5 day volume weighted average price up to 9 October 2009), and without the need for an institutional placement or paying fees for an underwriting.
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“We see the result as an authoritative vote of confidence by our shareholders in Industrea’s increasingly successful track record of pursuing long term, secure contracts and building a “best of breed” product offering in China, including OEM suppliers”, he said.
SPP allotments are expected to occur on 15 October 2009 with shareholders being notified of their allotment around 23 October 2009. The allotment of approximately 52.1m shares under the SPP will take the total number of shares on issue to approximately 940m shares.
Mr Levison said that while shareholders subscribing to the SPP were primarily focused on Industrea’s growth strategy, they would also enjoy the immediate benefit of having their shares allotted qualifying for the final dividend of 1 cent per share fully franked (record date 19 October 2009).