- Trajan (TRJ) successfully completes a fully underwritten $29.7 million institutional placement
- The placement is issuing around 14.8 million shares at an offer price of $2, representing an 11.1 per cent discount to the last closing price on June 16
- Proceeds from the placement will be used to partially fund the acquisition of Kentucky-based Chromatography Research Supplies (CRS)
- In addition to the placement, the company also aims to raise $5 million via a share purchase plan
- Shares in Trajan have ended the day down 12.4 per cent, trading at $1.97 at market close
Global analytical science and device company Trajan (TRJ) has successfully completed a fully underwritten $29.7 million institutional placement.
The placement issued approximately 14.8 million shares at an offer price of $2, representing an 11.1 per cent discount to the last closing price on June 16.
Proceeds from the placement will be used to partially fund the acquisition of Chromatography Research Supplies (CRS), a global manufacturer of high-quality analytical consumables based in Kentucky, US.
Commenting on the equity raising, CEO and Managing Director Stephen Tomisich said the strong support provided by exisiting and new shareholders highlighted the “compelling” fundamentals of the acquisition opportunity.
“Through completing the acquisition of CRS, we can further enhance our global reach in providing best in class products along the analytical workflow.
“This acquisition enhances and extends our production capabilities to service our expanding gas chromatography business, including in the critical area of the gas chromatography inlet and sample introduction and the ability to offer end-to-end product solutions for our customers.”
In addition to the placement, the company also aims to raise $5 million via a share purchase plan (SPP). The SPP will give eligible shareholders the opportunity to apply for up to $30,000 worth of new shares at the same offer price as the placement.
The SPP opens on June 24 and is expected to close on July 12.
Shares in Trajan were down 12.4 per cent, trading at $1.97 at market close.