- 1st Group (1ST) raises more than $1 million through a non-renounceable entitlement offer
- The raise falls short of the company’s $2.3 million target
- 1ST says the proceeds will help execute its strategy for the 2022 financial year
- The company has agreed to place around $250,000 in shortfall shares to new investors and existing shareholders that committed after the closing date
- Shares are up 12.5 per cent at 1.8 cents each at 1:19 pm AEST
1st Group (1ST) has raised just over $1 million under a non-renounceable entitlement.
The Australian digital health group offered the entitlement back in September with the aim to raise $2.3 million to execute its strategy for the 2022 financial year.
1ST issued roughly 63.5 million shares and ultimately raised around $1,016,544, of which $1 million was already secured ahead of the offer.
The offer invited eligible shareholders to apply for one new fully paid ordinary share in the company for every three existing shares held at 1.6 cents each.
Despite the outcome, 1ST’s chair Stephe Wilks said the group was pleased by the strong support shown by shareholders and members of the management team who also took up rights.
“With this confirmed support, and with the imminent easing of COVID lock down restrictions, the team is fired up and looking to capitalise on the work already implemented for the FY22 Roadmap,” he said.
“An early indication of that work was the recent release of the completely redesigned version of the MyHealth1st.com.au 2.0 marketplace.”
Additionally, 1ST Group has agreed to place around $250,000 of the remaining shortfall shares to new investors and existing shareholders that committed to participate after the offer closed on September 27.
The company said shares issued under the entitlement offer, including any shortfall shares, would rank equally in all respects with existing 1ST shares.
Further, following the issue set out above, 1ST said its total issued share capital was poised to clock in at more than 488 million.
Company shares were up 12.5 per cent at 1.8 cents each at 1:19 pm AEST.