- Bapcor (BAP) has successfully completed its share purchase plan after a successful $180 million placement
- The automotive company received share purchase plan applications totalling $122 million — over $90 million more than needed for the planned $30 million raise
- Given the strong support, Bapcor Directors increased the size of the share purchase plan by $26 million to $56 million
- Shares will be issued on May 25 and can begin trading on the ASX the same day
- Bapcor is up a slight 3.67 per cent and shares are currently trading for $5.65 each
Bapcor (BAP) has successfully completed its share purchase plan after a successful $180 million placement.
The automotive company received share purchase plan applications totalling $122 million — over $90 million more than needed for the planned $30 million raise.
Given the strong support, Bapcor Directors increased the size of the share purchase plan by $26 million to $56 million.
Directors will also exercise the right to scale back applications, and it intendeds to allocate shares based on 50 per cent of shares held at the record date, subject to some conditions.
The main condition states that if shareholders applied for a value of Bapcor shares less than their pro-rata amount, then they will receive the amount they applied for.
Once the scale back has been completed, and if it produces a fractional number, then the number of shares will be rounded up to the next whole number.
Shares issued under the share purchase plan were priced at $4.40 per share, which represents a 19.3 per cent discount to the closing price of $5.45 on May 19.
Approximately 12.8 million shares will be issued on May 25, and they can begin trading on the same day.
As previously announced, Bapcor will use the money from both the placement and share purchase plan to reduce its net debt and enable it to carry out its five-year strategy.
Bapcor is up a slight 3.67 per cent and shares are trading for $5.65 each at 2:05 pm AEST.