- Decmil Group (DCG) has successfully completed the retail component of its entitlement offer, taking total funds raised to $50.5 million
- Retail shareholders subscribed for 65 per cent of the total new shares and the remaining shares will be allocated to sub-underwriters
- The funds will be used to strengthen the Decmil’s balance sheet for infrastructure opportunities in Australia
- On market close, Decmil is up 13.3 per cent and is selling shares for 6.8 cents each
Decmil Group (DCG) has successfully completed the retail component of its entitlement offer, taking total funds raised up to $50.5 million.
The offer closed on Wednesday, June 17 and will issues around 406 million shares for 5 cents each, to raise $20.3 million. This follows a successful institutional entitlement offer, which raised around $30.2 million.
Retail shareholders subscribed for a total of approximately 262.5 million shares which is 65 per cent of the total of new shares. The remaining 144.2 million shares that were not subscribed will be allocated to sub-underwriters.
The funds will be used to strengthen the company’s balance sheet for infrastructure opportunities in Australia.
CEO and Managing Director Dickie Dique is extremely pleased with the strong level of support it has received.
“The successful raising of more than $52 million ensures that Decmil has the balance sheet to capitalise on the expected significant infrastructure spend in Australia over the next few years,” he said.
“Our strengthened contracting strategy will have a far greater emphasis on risk management, a renewed focus on project delivery and will seek to avoid delays in resolving disputes with comprehensive red flag filters and enhanced escalation procedures. This will be core to how we run the business going forward, alongside operational excellence,” he added.
On market close, Decmil is up 13.3 per cent and is selling shares for 6.8 cents each.