- Ensurance (ENA) looks set to raise more than $2.14 million through a share placement in a bid to accelerate its growth strategy
- ENA has received firm commitments from new and existing investors and will issue more than 9.3 million fully paid ordinary shares at 23 cents each
- Proceeds will provide working capital to expand ENA’s Australian operations and fund the launch of new products in the UK
- Shares are trading 3.85 per cent down at 25 cents at 11:08 am AEST
Specialist insurance provider Ensurance (ENA) looks set to raise over $2.14 million through a share placement in a bid to accelerate its growth strategy.
The company said it had received firm commitments from new and existing professional, sophisticated and institutional investors for the raise, and would issue upwards of 9.3 million fully paid ordinary shares at 23 cents each.
Proceeds generated through the placement will provide working capital for the expansion and up-scaling of ENA’s Australian operations and will fund the launch of new products within its UK operations.
Ensurance Chairman Tony Leibowitz commented on the cash raise.
“We are pleased to welcome new fund managers and investors to the company, and equally encouraged by the commitment of existing long-term shareholders in their support of this placement,” he said.
“The company is now well capitalised to further progress its geographically diversified growth strategy into the new year.”
Settlement and share allotment are expected to occur on or around October 8.
Shares were trading 3.85 per cent down at 25 cents at 11:08 am AEST.