- Medical Developments International (MVP) launches a $30 million capital raise to execute further growth
- The company will aim to raise $15 million from a placement and $15 million from a one-for-9.5 non-renounceable entitlement offer
- The new shares will be offered at $2 each, representing a 16.7 per cent discount from the last closing price on August 3 of $2.40
- The company plans to use the funds for its direct sales strategy in Europe, expand its Australian business, and invest in business capability for global growth
- Shares are trading flat today at $2.40 each at 2:21 pm AEST
Medical Developments International (MVP) has launched a $30 million capital raise to execute further growth.
The company will aim to raise $15 million from a placement and $15 million from a one-for-9.5 non-renounceable entitlement offer.
The new shares will be offered at $2 each, representing a 16.7 per cent discount from the last closing price on August 3 of $2.40.
For every 2.5 new shares subscribed for, one attaching option will be received, exercisable at $2.80 and expiring in September 2024.
The company plans to use the funds for its direct sales strategy in Europe, expand its Australian business, and invest in business capability for global growth.
Chair Gordon Naylor said there were multiple “significant” opportunities for growth.
“With a strong funding position following the capital raising, we look forward to investing to continue to deliver on our growth strategy,” he said.
In other news, MVP reported 37 per cent growth in unaudited underlying revenue for FY22 to $22.4 million.
The company said it expects this growth to continue as it executes its European and Australian growth strategies.
Shares were trading flat today at $2.40 each at 2:21 pm AEST.