- Jayride Group (JAY) has completed a $1.5 million placement and has announced a $1 million share purchase plan (SPP)
- To raise the $1.5 million, 10 million fully-paid ordinary shares were issued to sophisticated investors at 15 cents
- Shares will settle on October 28 and begin trading on the ASX on October 29
- For the SPP, eligible shareholders will be able to purchase up to $30,000 worth of shares without incurring any costs
- The company will use the money from both the placement and SPP to execute its northern hemisphere growth strategy
- Jayride is steady on the market and shares have been trading for 16 cents each since October 16
Jayride Group (JAY) has completed a $1.5 million placement and has announced a $1 million share purchase plan (SPP).
The airport transfer company entered a trading halt on Monday but did not disclose how much it would be raising or what the funds would be used for.
The Placement
To raise the $1.5 million, 10 million fully-paid ordinary shares were issued to sophisticated investors at 15 cents a pop.
Shares are expected to settle on October 28 and begin trading on the ASX the next day.
The Share purchase plan
Under the share purchase plan, eligible shareholders will be able to purchase up to $30,000 worth of shares without incurring and brokerage costs.
The plan will open on October 27, close on November 9, and shares will be issued on November 16.
Jayride will use the money from both the placement and SPP to execute its northern hemisphere growth strategy.
“We are delighted with the support for the placement from both existing and new investors. We are pleased to provide eligible shareholders with the opportunity to participate in the SPP at the same price as the placement,” Managing Director Rod Bishop said.
“With the proceeds of this capital raise, Jayride is now well funded to capture market share and benefit from structural tailwinds as the global travel recovery continues,” he added.
Jayride is steady on the market and shares have been trading for 16 cents each since October 16.