- COG Financial Services (COG) successfully raises $20 million through a capital raise
- The company will issue around 14.8 million new shares at $1.35 per share, a 1.5 per cent discount to the last closing price on October 13
- Proceeds from the placement will go towards purchasing an additional 24 per cent interest in Westlawn Finance and remaining 30 per cent of Platform Consolidated Group
- Completion of the acquisitions is expected by the end of November
- COG is up 2.19 per cent and is trading at $1.40 per share at 3:16 pm AEDT
COG Financial Services (COG) has successfully raised $20 million through a capital raise.
The company will issue around 14.8 million new shares at $1.35 per share to new and exisiting investors. The purchase price is a 1.5 per cent discount to the last closing price on October 13.
Proceeds from the placement will go towards purchasing an additional 24 per cent interest in Westlawn Finance and remaining 30 per cent of Platform Consolidated Group.
Completion of the acquisitions is expected by the end of November.
Funds will also be spent on working capital, balance sheet flexibility and to pay offer costs.
Notably, $4 million of the placement was subscribed for by GEGM Investments, which will be subject to COG shareholder approval at the upcoming annual general meeting.
COG’s CEO Andrew Bennett is pleased with the success of this equity raising.
“We are grateful to our existing shareholders, welcome our new shareholders and thank them all for their support, as we continue to deliver as a leading provider of asset finance broking and aggregation services and near-prime commercial and consumer lending,” he said.
COG was up 2.19 per cent and was trading at $1.40 per share at 3:16 pm AEDT.