- Telecommunications provider Vonex (VN8) successfully completes its share purchase plan (SPP) and raises $2 million
- The SPP was capped at $2 million, however, there was strong support and it was heavily oversubscribed with more than $3.7 million of demand received
- The share purchase plan follows Vonex’s successful two-phased placement which raised $12 million
- The money from both the placement and SPP will be used to partially fund the acquisition of MNF Group’s Direct Business
- Vonex ends the day 6.38 per cent in the green with shares trading at 12.5 cents
Telecommunications provider Vonex (VN8) has successfully completed its share purchase plan (SPP).
Eligible shareholders were able to subscribe for up to $30,000 worth of shares priced at 11 cents.
The SPP was capped at $2 million, however, there was strong support and it was heavily oversubscribed with more than $3.7 million of demand received.
Applications from shareholders who subscribed for the minimum amount were allocated in full while the remaining applications were scaled back to meet demand.
Shares are expected to be issued on August 19 and begin trading on the ASX on August 20.
The share purchase plan follows Vonex’s successful two-phased placement which raised $12 million.
Vonex will use the money from both the placement and SPP to partially fund the acquisition of MNF Group’s Direct Business and support general working capital.
Chairman Nicholas Ong commented on the placement and what the funds would be used for.
“The board’s aim with the SPP was to enable our shareholders to participate in the fundraising at the same price as the successful two-tranche placement in connection with the acquisition of the Direct Business,” Mr Ong said.
“This acquisition is transformational for Vonex increasing annual recurring revenue by more than 70 per cent and providing a platform for organic growth.”
Vonex has ended the day 6.38 per cent in the green with shares trading at 12.5 cents in a $25.33 million market cap.