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- Dubber (DUB) has closed its share purchase plan (SPP) heavily oversubscribed, having received applications for more than five times the goal amount
- The company had been aiming to raise $6 million to complement a recent $35 million placement, but instead received applications for $33.5 million
- The company has decided to scale back applications to $10 million, with shares to be issued next week
- With over $60 million in the bank, Dubber can fund global growth, continued product development, and the pursuit of strategic merger and acquisition opportunities
- Dubber is trading 4.49 per cent lower for $1.49
Dubber (DUB) has closed its share purchase plan (SPP) heavily oversubscribed, having received applications for more than five times the goal amount.
Heavy ledger
The company had been aiming to raise $6 million to complement a recent $35 million placement, but instead received applications for $33.5 million.
The company has decided to scale back applications to $10 million, bringing the total for the recent capital raising to $45 million before costs.
Shares were offered at $1.10 each, which was a 12 per cent discount to the last closing price of $1.25 on October 15.
Dubber CEO Steve McGovern says he’s pleased with the level of shareholder enthusiasm for both the placement and SPP.
“We are delighted with the support shown from shareholders, enabling the company to complete the two-stage capital raising, starting with the $35 million placement to institutional, professional and sophisticated investors in October and the targeted $6 million SPP that closed last week,” Steve said.
Outlook
The funds raised will leave Dubber with over $60 million in the bank.
The money will be used to accelerate Dubber’s global growth, continued product development, pursuit of strategic merger and acquisition opportunities and for general working capital.
Now fully funded, Dubber can give a big global push to what it describes as the “world’s most scalable cloud call recording service.”
The CEO is bullish about the company’s prospects with the extra capital on hand.
“Dubber has a leadership position globally as the unified call recording platform of choice for service and unified communications solutions providers,”Steve said.
“We will meet accelerating demand globally with the expansion of our sales, marketing and product development efforts — and pursue M&A opportunities that are in the market,” he continued.
“Unified call recording is crucial to enterprises meeting compliance requirements, boosting sales and CX performance; and, unlocking the potential in voice data.
Dubber CEO, Steve McGovern
“Dubber is the only solution capable of doing this globally, from within the network, eliminating the needs for complex hardware, software and services,” he added.
Dubber is trading 4.49 per cent lower for $1.49 at 10:55am AEDT.
