- Sandon Capital Investments (SNC) is releasing the full details of its shortfall offer, part of the company’s wider capital raising efforts
- SNC first released its one-for-4 entitlement offer in early September, offering shareholders new shares at $1.01 each
- Each new share will come with a 3.75 cent fully franked dividend, with the entire offer to raise just under $28 million for Sandon
- Under this latest offer, wholesale investors are invited to buy the shortfall shares at the same price as the original fundraise
- SNC entered a trading halt ahead of the release of the shortfall offer, with securities last trading at $1.02 on September 29
Sandon Capital Investments (SNC) is releasing the full details of its shortfall offer — part of the company’s wider capital raising efforts.
The financial stock first announced plans to raise additional funds at the start of the month, opening a one-for-4 non-renounceable entitlement offer.
Under the entitlement offer, shareholders would receive new shares worth $1.01 each as well as fully franked dividend of 3.75 cents per share.
The company was raising funds to help fuel growth, increase liquidity and
its own relevance in the listed investment company sector.
All up, Sandon expected to raise up to $27.9 million from the entitlement offer which had an extended closing date of September 29.
Meanwhile in this latest shortfall offer, the investment firm is offering wholesale investors a chance to buy SNC shares for the same price of $1.01 each.
Sandon is also planning to offer a top-up facility, allowing shareholders who exercised their full entitlement to pick up additional new shares.
The new shares under the original capital raise are set to be issued on October 4, while the shortfall offer’s shares will be issued on October 6.
Additionally, all of the dividends under the offers should be paid out by the end of 2021.
Sandon Capital Investments entered a trading halt ahead of the release of the shortfall offer, with securities last trading at $1.02 on September 29.