- MoneyMe (MME) shares took a hit today as it raises $20 million through an institutional placement to support continued loan book growth and support its existing debt facilities
- The company will issue about 40 million new shares at a price of 50 cents each, representing a 28 per cent discount to its last closing price of 69 cents
- In addition to the placement, the company has planned to launch a non-underwritten share purchase plan to raise a further $1.2 million
- Furthermore, MoneyMe has received bids from certain directors to raise an additional $1.2 million, subject to shareholder approval
- Shares dropped 27.5 per cent today to close at 50 cents
MoneyMe (MME) shares took a hit today as it raises $20 million through an institutional placement to support continued loan book growth and support its existing debt facilities.
The company will issue about 40 million new shares at a price of 50 cents each, representing a 28 per cent discount to its last closing price of 69 cents.
A total of $2.16 million of these funds are subject to shareholder approval.
In addition to the placement, the company has planned to launch a non-underwritten share purchase plan to raise a further $1.2 million.
Furthermore, MoneyMe has received bids from certain directors to raise an additional $1.2 million, subject to shareholder approval.
Managing Director and CEO Clayton Howes said he was pleased with the interest seen in the placement.
“Capitalising the business in a challenging environment to fund asset growth and support debt facilities is important and a good step for the business,” he said.
Shares dropped 27.5 per cent today to close at 50 cents.