- IT service management company Smartpay (SMP) has announced more information about its share purchase plan
- The company says eligible shareholders will be able to purchase up to $30,000 worth of shares at a price of 42 cents each
- The share purchase plan will be capped at $2 million and oversubscriptions will be scaled back
- Smartpay will use the money to strengthen its balance sheet and capitalise on growth in both Australia and New Zealand
- Company shares are currently down 2.04 per cent and are trading for 48 cents each
IT service management company Smartpay (SMP) has announced more information about its share purchase plan.
The company first voiced its intentions for a share purchase plan on May 22 when it announced it had raised $13 million through a placement to strengthen its balance sheet.
In regards to the placement, approximately 30,952,381 new fully-paid shares were issued to institutional, professional and sophisticated investors.
The shares settled on May 27 and were then allocated on May 28.
In today’s announcement, Smartpay announced that eligible shareholders will be able to purchase up to $30,000 worth of new company shares.
Shares will be priced at 42 cents each, which was the same price as those issued in the placement, and shareholders will not incur any brokerage fees.
The share purchase plan will be capped at $2 million and oversubscriptions will be scaled back.
It will open on June 2 and close on June 18.
As announced last week, Smartpay will use the money from both the placement and share purchase plan to strengthen its balance sheet and capitalise on growth in both Australia and New Zealand.
Smartpay is currently down 2.04 per cent and shares are trading for 48 cents each at 12:53 pm AEST.