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- Automotive company Bapcor (BAP) has today opened its $30 million share purchase plan
- This share purchase plan follows the company’s $180 million placement that was successfully completed last week
- As part of the share purchase plan, eligible shareholders are able to purchase up to $30,000 worth of new fully paid ordinary shares
- Money raised from both the placement and share purchase plan will be used to reduce Bapcor’s net debt and enable the company to carry out its five-year strategy
- Bapcor has ended Friday’s session 3.09 per cent in the green with shares trading for $4.67 each
Automotive company Bapcor (BAP) has opened its $30 million share purchase plan.
This share purchase plan follows the company’s $180 million placement that was successfully completed last week.
For the placement, approximately 40.9 million new fully paid ordinary shares were issued to institutional investors at a price of $4.40 per share.
As part of the share purchase plan, eligible shareholders are able to purchase up to $30,000 worth of new fully paid ordinary shares.
The exact price isn’t known yet but shares will have a two per cent discount to the five-day volume weighted average price of Bapcor shares up to, and including, the closing date.
The share purchase plan is expected to close on May 15 and shares can begin trading on the ASX on May 25.
Money raised from both the placement and share purchase plan will be used to reduce Bapcor’s net debt and enable the company to carry out its five-year strategy.
The company has already had to withdraw its earnings guidance and it has put a number of cost-cutting measures in place.
Bapcor has ended Friday’s session 3.09 per cent in the green with shares trading for $4.67 each in a $1.479 billion market cap.
