MA Financial Group (ASX:MAF) raises $20 million from heavily oversubscribed SPP

• MA Financial Group (MAF) raises $20 million through an oversubscribed share purchase plan (SPP)
• The funds will be used to partially fund the acquisition of aggregator business, Finsure
• The company was originally seeking to raise $10 million but ended up receiving application totalling about $45.3 million
• The issue price of the new shares will be at the same price as the previously completed institutional placement which was $7.75 per share
• Shares closed 3.07 per cent higher today at $9.07 each

MA Financial Group (MAF) has raised $20 million through an oversubscribed share purchase plan (SPP).

The funds will be used to partially fund the acquisition of aggregator business, Finsure.

The company was originally seeking to raise $10 million but ended up receiving applications totalling about $45.3 million.

Due to the strong support, MA Financial decided to double its original SPP target.

A total of 2206 shareholders participated in the SPP for an average of $20,533 per applicant.

The company will scale back valid applications on a pro-rata basis relative to the applicants shareholding at the record date, capped at a maximum allocation of $30,000.

The company previously raised $100 million from an institutional placement.

The issue price of the new shares will be at the same price as the institutional placement which was $7.75 per share.

The shares will begin trading on Friday with refunds on scaled back applications to be made from Monday.

Shares closed 3.07 per cent higher today at $9.07 each.