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- MA Financial Group (MAF) raises $20 million through an oversubscribed share purchase plan (SPP)
- The funds will be used to partially fund the acquisition of aggregator business, Finsure
- The company was originally seeking to raise $10 million but ended up receiving application totalling about $45.3 million
- The issue price of the new shares will be at the same price as the previously completed institutional placement which was $7.75 per share
- Shares closed 3.07 per cent higher today at $9.07 each
MA Financial Group (MAF) has raised $20 million through an oversubscribed share purchase plan (SPP).
The funds will be used to partially fund the acquisition of aggregator business, Finsure.
The company was originally seeking to raise $10 million but ended up receiving applications totalling about $45.3 million.
Due to the strong support, MA Financial decided to double its original SPP target.
A total of 2206 shareholders participated in the SPP for an average of $20,533 per applicant.
The company will scale back valid applications on a pro-rata basis relative to the applicants shareholding at the record date, capped at a maximum allocation of $30,000.
The company previously raised $100 million from an institutional placement.
The issue price of the new shares will be at the same price as the institutional placement which was $7.75 per share.
The shares will begin trading on Friday with refunds on scaled back applications to be made from Monday.
Shares closed 3.07 per cent higher today at $9.07 each.
