Join our daily newsletter At The Bell to receive exclusive market insights
- Wellness and Beauty Solutions (WNB) is officially offering eligible shareholders the chance to participate in a share purchase plan
- This comes shortly after the company’s recent successful $1.3 million placement to institutional investors
- Under the SPP, eligible shareholders will be able to subscribe for up to $30,000 of new ordinary shares, at the placement price of 0.8 cents per share
- The company hopes to raise approximately $1 million for sales, distribution, and marketing costs of its GBCo brand portfolio
- The share purchase plan opened on Thursday, and will close at 5:00 pm AEST on May 29, 2020
- Wellness and Beauty Solutions shares are trading 6.25 per cent higher today, selling for 0.9 cents per share
Wellness and Beauty Solutions (WNB) is officially offering eligible shareholders the chance to participate in a share purchase plan.
The company previously announced its intention to offer such a plan, allowing shareholders to subscribe for additional shares. WNB’s board of directors has now officially made that offer, by dispatching offer documents to eligible shareholders.
This new share purchase plan comes on the heels of the company’s recently completed placement to institutional and sophisticated investors. WNB conducted the placement at 0.8 cents per share, and successfully raised approximately $1.3 million.
The new share purchase plan will apply to all eligible company shareholders, who were registered as of 7:00 pm AEST on May 8, 2020. They will have the opportunity to subscribe for up to $30,000 of new ordinary company shares, at the placement price of 0.8 cents each.
This arrangement is subject to a pro-rata scale-back, based on the size of an applicant’s shareholding. The company mentioned in its announcement today that the share purchase plan is not underwritten.
Wellness and Beauty Solutions aims to raise approximately $1 million from the purchase plan. If successful, the company will use the proceeds for the sales, distribution, and marketing costs of its GBCo brand portfolio. WNB underwent significant restructuring after it acquired and integrated the Giving Brands Company in 2018.
Some SPP funds will also go to the company’s MICRO19 hand sanitiser range, and other general working capital purposes.
The share purchase plan opened on Thursday, and will close at 5:00 pm AEST on May 29, 2020.
Wellness and Beauty Solutions shares are trading 6.25 per cent higher today, selling for 0.9 cents per share at 11:02 am AEST.
