PriceSensitive

ReadyTech (ASX:RDY) completes $25M raise to fund Open Office acquisition

Technology
ASX:RDY      MCAP $403.1M
09 November 2020 15:33 (AEST)
ReadyTech (ASX:RDY) - CEO, Marc Washbourne

Source: ReadyTech

ReadyTech (RDY) has completed a fully underwritten institutional placement to raise roughly $25 million.

A total of 13.3 million new shares will now be issued at $1.88 each, representing a 6.2 per cent discount to the three-day volume weighted average price.

The placement is expected to settle on November 11 with shares to be issued and begin trading on the ASX on November 12.

ReadyTech will use the money to fund the potential acquisition of software provider Open Office and its key business partner McGirr.

“We are pleased with the success of this equity raising. We are grateful to our existing shareholders welcome our new shareholders and thank them all for their support,” CEO Marc Washbourne said.

ReadyTech will also be potentially undertaking a share purchase plan (SPP) to raise an additional $4 million.

If the SPP takes place, eligible shareholders will be able to subscribe for up to $10,000 worth of shares, subject to eligibility criteria.

ReadyTech may decide to accept oversubscriptions or scale back applications if it sees fit.

Shares under the SPP will be priced at the lower of the placement and have a one per cent discount to the five-day volume-weighted average price.

There is no guarantee at this point in time that the plan will proceed.

After emerging from a trading halt, shares in ReadyTech are down 1.50 per cent and trading for $1.97 cents

Related News