Viva Leisure (ASX:VVA) - CEO and MD, Harry Konstantinou
CEO and MD, Harry Konstantinou
Source: Harry Konstantinou/Twitter
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  • Viva Leisure (VVA) is set to bank $11.7 million from institutional investors in a bid to “strengthen the company’s balance sheet”
  • Approximately 7.5 million shares are set to be issued under the placement after being offered up at $1.55 apiece
  • Proceeds from the raise are set to go towards strengthening the company’s balance sheet and pursuing its acquisitive growth strategy
  • Viva Leisure entered a trading halt yesterday, hinting at an upcoming fund raise
  • Viva Leisure shares closed today’s session down 7.02 per cent to trade at $1.59

Viva Leisure (VVA) is set to bank $11.7 million from institutional investors in a bid to “strengthen the company’s balance sheet”.

The Australian health club owner and operator offered up approximately 7.5 million company shares at $1.55 per share.

The announcement comes the day after the company entered a trading halt, where it hinted at an upcoming fundraising activity.

Viva said the placement was strongly supported by new and existing institutional investors.

Proceeds from the raise are set to go towards strengthening the company’s balance sheet and pursuing its acquisitive growth strategy.

Viva Leisure Chief Executive Officer and Managing Director Harry Konstantinou commented on the fundraise.

“We are pleased with the support for the placement and take this opportunity to welcome a number of new institutional investors to the register,” he said.

“The Board also thanks our existing shareholders for their ongoing support.

“Funds from the placement will provide additional support for our balance sheet and support acquisitive growth.”

Petra Capital acted as sole lead manager and sole bookrunner to the placement.

Viva Leisure shares closed today’s session down 7.02 per cent to trade at $1.59.

VVA by the numbers
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