- ikeGPS Group (IKE) has entered a trading halt while it plans a capital raise of up to $21.3 million
- The technology stock is launching a placement to raise $18.3 million and a subsequent share purchase plan to raise a further $3 million
- ikeGPS Group is using the money to ensure it remains well capitalised for potential future acquisitions and to fund organic growth opportunities
- IKE expects the trading halt will be lifted by Wednesday, August 11, by which time the remaining capital raise details will be announced
- Company shares last traded at $1.11 on Friday, August 6
ikeGPS Group (IKE) has entered a trading halt ahead of a capital raise.
Soon after the trading halt was announced, the technology stock disclosed further details.
The capital raise will be in the form of a placement and share purchase plan (SPP) to raise up to $21.3 million.
Listed on the ASX and NZX, thecompany aims to raise $18.3 million through the placement. IKE will determine the price at which shares will be issued under the placement following an institutional bookbuild.
Once the placement has been completed, the company will give eligible shareholders the opportunity to participate in the SPP through which it will seek to raise $3 million.
The money will be used to ensure ikeGPS Group is well capitalised for potential future acquisitions and to fund organic growth opportunities.
Both the placement and SPP will be conducted by lead manager, Bell Potter Securities.
IKE expects the trading halt will be lifted by Wednesday, August 11, by which time the remaining capital raise details will be announced.
Company shares last traded at $1.11 on Friday, August 6.