- Investment manager Plato Income Maximiser (PL8) looks to raise over $121 million through a placement and share purchase plan (SPP)
- Under the placement, the company looks to raise $71.3 million, offering shares at $1.11 each
- In the SPP, existing shareholders will be able to purchase up to $30,000 worth of shares and is capped at $50 million
- Funds from the capital raise is will be invested via the Plato Australian Shares Income Fund
- Company shares entered into a trading halt and last traded at $1.29 per share
Plato Income Maximiser (PL8) is looking to raise over $121 million through a placement and share purchase plan (SPP).
Funds from the capital raise is will be invested via the Plato Australian Shares Income Fund in accordance with how the company’s investments are currently structured.
Placement
The company plans to issue around 64 million shares to raise $71.3 million. Shares will be offered at $1.11 each, a 13.6 per cent discount to the last closing price.
The newly issued shares represent up to 15 per cent of the company’s issued capital and will therefore not need shareholder approval.
PL8 is expecting the new shares will be issued and commence trading on the ASX on Thursday, November 11.
Share Purchase Plan
Under the SPP, existing eligible shareholders will have the opportunity to purchase up to $30,000 new shares at the same price as the placement.
The SPP is capped at $50 million and PL8 may scale back applications if the demand exceeds this cap.
This SPP is scheduled to open at 10:00 am AEDT on Friday, November 5.
PL8 has now entered into a trading halt as it completes the capital raise, meaning shares will be paused until Friday, November 5.
On the market, PL8 last traded at $1.29 per share.