- Despite only being announced yesterday, Alliance Aviation (AQZ) has completed its $91.9 million placement
- Approximately 31.1 million shares will be issued to institutional investors at a price of $2.95 per share
- Alliance also announced yesterday that it will undertake a share purchase plan to raise up to $30 million
- Eligible shareholders will be able to purchase up to $30,000 worth of new shares without incurring any brokerage or transaction costs
- Alliance will use the money from both the placement and share purchase plan to provide funding for its growth strategy
- Company shares are down 5.16 per cent on the market and are currently trading for $2.94 each
Despite only being announced yesterday, Alliance Aviation (AQZ) has completed its $91.9 million placement.
Approximately 31.1 million shares will be issued to institutional investors at a price of $2.95 per share.
This price represents a five per cent discount to the last trading price of $3.10 from June 10.
Due to the significant interest generated, those who bid for a share parcel equal to or less than their pro-rata amount received their full bid.
Shares are expected to settle on June 17 and will be allocated and begin trading on the ASX on June 18.
“The overwhelming support for the placement in such turbulent times for the aviation sector further demonstrates Alliance’s ability to succeed in challenging environments,” Managing Director Scott McMillan said.
“More importantly, the support shown by our investors provides Alliance with the opportunity for continued growth and expansion,” he added.
The company also announced yesterday that it will be undertaking a share purchase plan to raise up to $30 million.
Eligible shareholders will be able to purchase up to $30,00 worth of new shares without incurring any brokerage or transaction costs.
Shares under the share purchase plan will be priced lower than those in the placement.
It will open on June 19 and is expected to close on July 9. Shares will then be allocated on July 20 and can begin trading on July 21.
Alliance will use the money from both the placement and share purchase plan to provide funding for its growth strategy.
Company shares are down 5.16 per cent on the market and are trading for $2.94 each at 11:20 am AEST.