- Wisr (WZR) closes its share purchase plan (SPP) offer substantially oversubscribed
- The company has received subscriptions for the SPP in excess of $10 million but has elected to maintain its original offer cap of $5 million
- The SPP follows a recent placement to sophisticated and institutional investors to raise $50 million
- The new shares will be issued at 25 cents each and are expected to be allotted on June 29
- Wisr is up 2.04 per cent, trading at 25 cents at 3:40 pm AEST
Wisr (WZR) has closed its share purchase plan (SPP) offer substantially oversubscribed.
Wisr provides a collection of financial products and services to help Australians pay down debt, as well as offering multiple credit score comparison services.
The SPP follows a recent placement to sophisticated and institutional investors to raise $50 million.
The company received subscriptions for the SPP in excess of $10 million but has elected to maintain its original offer cap of $5 million. Applications will all be scaled back proportionally to around 46 per cent of the application value, with no guaranteed minimum allocation.
The company says proceeds from the SPP and placement will go towards book growth, technology investment and feature enhancement. It also aims to expand its addressable market by exploring new growth opportunities.
Wisr will issue around 20 million new fully paid ordinary shares, which will rank equally with existing shares from their date of issue. The new shares will be issued at 25 cents each and are expected to be allotted on June 29.
Chief Executive Officer of Wisr Anthony Nantes said: “We would like to thank our shareholders for their ongoing support and endorsement of the company’s business model and look forward to delivering on the strategic initiatives which are now well-funded.”
Wisr was up 2.04 per cent, trading at 25 cents at 3:40 pm AEST.