- Argo Investments (ARG) announce its intentions to launch its SPP offer on March 11 to eligible shareholders who hold Argo shares as of March 7
- The SPP offers eligible shareholders the opportunity to acquire up to $30,000 of new shares in Agro, with the SPP price will be the lower of $9.30 per share or the volume-weighted average price of shares trading over March 18 to March 24
- New shares issued under the SPP will rank equally with exisiting Agro shares and funds raised under the SPP will be applied to further portfolio investments of Australian securities
- ARG shares are down by 2 per cent, trading at $9.30 at market close
Argo Investments (ARG) have announced its intention to launch its SPP offer to eligible shareholders who hold Argo shares as of March 7.
The SPP is set to open on March 11 and offers eligible shareholders the opportunity to acquire up to $30,000 of new fully paid shares in Agro without brokerage or other charges.
New shares issued under the SPP will rank equally with existing Argo shares. The directors retain the discretion to scale back allocations.
The SPP price will be the lower of $9.30 per share, which is a two per cent discount to the closing price of Argo shares on March 7 or the volume-weighted average price of shares traded on the ASX over the last five trading days of the SPP offer period (March 18 to March 24), rounded to the nearest cent.
According to Agro, funds raised under the SPP will be applied to further portfolio investments of Australian securities.
The anticipated closing date of the SPP is March 24 and the anticipated allotment and issue of new shares under SPP is March 31.
ARG shares were down by 2 per cent, trading at $9.30 at market close.