- ImpediMed (IPD) completes its share purchase plan, heavily oversubscribed by more than $27 million
- The share purchase plan (SPP) closed on November 12 and saw applications totalling over $32 million – well in excess of the company’s target of $5 million
- The company increased the SPP to $7.5 million to accommodate more shareholders, with applicants able to subscribe for up to $30,000 shares at 15 cents each
- The SPP follows a $35 million placement, with all funds going towards oncology, renal failure and heart failure research
- ImpediMed last traded at 17.5 cents on November 17
ImpediMed (IPD) has completed its share purchase plan, which was heavily oversubscribed by more than $27 million.
The share purchase plan (SPP) closed on November 12, with more than 1500 applications received. The SPP was offered to eligible shareholders, with each able to subscribe for up to $30,000 of new ordinary shares at 15 cents each.
The applications totalled over $32 million, well in excess of the company’s target of $5 million.
To accommodate the additional shareholders, the company increased the SPP to $7.5 million, with all remaining applications receiving a minimum SPP amount of $1000, or 6,558 shares at an issue price of 15 cents each.
A total of 49,180,077 new fully paid shares are set to be issued under the SPP and are expected to be distributed today, with trading on the ASX due to commence tomorrow.
The SPP follows the completion of a $35 million placement, which allowed investors to purchase shares at the same price as the SPP.
“We are now in a fully funded position to execute on the oncology opportunity post PREVENT, while still investing in our other key focus areas of renal failure and heart failure,” Richard Carreon, Managing Director and CEO of ImpediMed said.
ImpediMed last traded at 17.5 cents on November 17.