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- Fintech company Change Financial (CCA) has raised an additional $4.9 million for its Wirecard acquisition
- The company said around 80 per cent of shareholders took up the offer, which involved two new shares issued for every 11 held
- Altor Advisory Partners and Canaccord Genuity were the underwriters for the offer and took up around 10 million in shortfall shares
- Additionally, Change recently raised an additional $6.4 million via placement, with shares offered to investors at the same price as the entitlement offer
- That money is also going towards the recent acquisition, which the company officially completed yesterday
- CCA shares have ended the week trading down 15.6 per cent at 13.5 cents each
Fintech company Change Financial (CCA) has raised an additional $4.9 million for its Wirecard acqusition.
The extra capital comes from a pro rate entitlement offer, for which shareholders were able to buy two new shares for every 11 already held.
The new shares were worth 9.5 cents each, and Change advises around 80 per cent of eligible shareholders took up the offer.
Altor Advisory Partners and Canaccord Genuity, which were the dual underwriters for the offer, also took up the shortfall shares available.
All of the shares under the entitlement offer and shortfall will be issued on October 7, and begin trading on October 8.
In addition to the $4.9 million raised recently, Change Financial also raised $6.4 million via a placement in mid-September to fund the Wirecard acquisition.
Buying the Australian and New Zealand financial company’s assets cost CCA around $7.8 million — and the deal was officially completed yesterday.
Shares in Change Financial have ended the week down 15.6 per cent at 13.5 cents each.
