- Swift Media has completed a $1.5 million placement to institutional and professional investors
- The company will launch a share purchase plan to raise up to a further $1 million
- Swift Media’s digital solutions span various industries but placement funds will focus on expanding its aged care, resources, and health offerings
- In particular, Swift Media sees the ageing population in Australia and wants to provide a digital platform for aged care residents to maintain quality of life
- Swift Media’s shares have dipped by 6.25 per cent, with shares trading at 15 cents apiece
Swift Media has completed a $1.559 million placement of 10,751,724 new shares to institutional and professional investors.
The company will also be offering eligible existing shareholders the right to participate in a share purchase plan (SPP) to raise up to a further $1 million.
The proceeds of the placement and SPP will be used to strengthen Swift Media’s financial position as it transitions into its new growth strategy.
“We are pleased to successfully complete the equity capital raise from institutional and professional investors as we take Swift into the next chapter of growth,” Chairman Darren Smorgon said.
Swift Media is a telecommunications, content and advertising solutions provider.
Broadly, Swift Media works across the Resources, Hospitality, Aged Care, Retirement and Lifestyle, and Health industries.
Its growth strategy is focused on building scale and profitability in three target key verticals including Resources, Aged Care and Health and Wellness.
In particular, Swift has recognised the aged care industry is evolving with Australia’s ageing population.
Aged Care providers need to meet the high demands and expectations of residents and their families.
Swift’s digital platform is a key solution that can keep residents entertained and connected to their loved ones. This creates a sense of community within aged care facilities.
The placement was undertaken at an issue price of 14.5 cents per share.
Settlement is expected to take place on October 21 2019.
Swift Media’s shares have dipped by 6.25 per cent, with shares trading at 15 cents apiece in a $28.04 million market cap.