- Fertiliser and chemical manufacturing company Incitec Pivot (IPL) has completed a share purchase plan and raised $57.7 million
- More than 28 million shares will now be issued at a price of $2 each
- Shares are expected to be issued on June 16 and begin trading on the ASX on June 17
- Incitec Pivot will use the money to strengthen its balance sheet and provide financial flexibility to pursue growth opportunities
- Company shares are down a slight 3.92 per cent and are trading for $1.96 each
Fertiliser and chemical manufacturing company Incitec Pivot (IPL) has completed a share purchase plan and raised $57.7 million.
This share purchase plan follows the company’s recently completed placement that raised $600 million.
A total of 28,782,750 shares are expected to be issued at a price of $2 each, which was the same price as the placement.
Incitec Pivot has stated that all applications were accepted in full.
Shares are expected to be issued on June 16 and begin trading on the ASX on June 17.
“We are pleased with the strong support we have received from retail and institutional shareholders, indicating their confidence in Incitec Pivot’s business and its long-term strategy,” Managing Director and CEO Jeanne Johns commented.
“The capital raised through the share purchase plan and placement will strengthen our balance sheet and liquidity position, consistent with our commitment to maintaining a strong investment-grade credit rating and capital structure,” she said.
“It will also support the delivery of our strategy to drive long-term shareholder value,” she added.
Incitec Pivot is down a slight 3.92 per cent and shares are trading for $1.96 each at 1:53 pm AEST.