Evolve secures NZ$30.5m in first phase of capital raise
Evolve Education Group has successfully completed the institutional investor component of their NZ$63.5 million fully underwritten capital raise announced on the 8 May 2019 with eligible institutional shareholders taking up 98.8 per cent of their rights to subscribe for new shares at NZ$0.08.
The 1.2 per cent of rights not taken up were sold separately in an institutional bookbuild with the clearing price received of NZ$0.085, a premium of $0.05 above the offer price, implying good demand for the shares from investors not yet on the register.
Total gross proceeds from this first phase of the capital raising amounted to NZ$30.5 million.
Mr Alistair Ryan, Chairman of Evolve, noted that the company is “pleased with the level of support received from existing shareholders. The success of the capital raising supports Evolve’s strategy and provides the opportunity to deliver on the New Zealand turnaround plan and implement the initial phase of the Australian expansion.”
The retail component of the offer, which represents the second phase of the capital raise, opened yesterday, 13 May 2019, and will remain open until 29 May 2019, after which the company’s shares will go into a trading halt as the processing of the applications and allocations take place.
New shares will be allotted and commence trading on the 6 June.
Stories from the field shape understandings of what makes a ‘good’ ECEC leader
by Freya Lucas
Unpacking the NSW Budget 2022-23 - What does it mean for the sector’s key stakeholders?
by Jason Roberts
Kangarootime closes A$38 million investment round to accelerate significant growth opportunities
by Jason Roberts