- WT Financial Group (WTL) has completed an oversubscribed bookbuild to raise $3 million through the issue of up to 30 million shares at 10 cents
- The issue price marks a 20 per cent premium to the company’s 30-day volume-weighted average price
- The financial stock entered a trading halt today regarding the capital raise as well as a ‘material’ acquisition, however no details on the acquisition have been revealed
- WTL shares last traded at 8.8 cents on March 10
WT Financial Group (WTL) has entered a trading halt today regarding a capital raise and a ‘material’ acquisition.
The diversified financial services group soon announced that it successfully completed an oversubscribed bookbuild to raise $3 million.
Up to 30 million shares will be issued at 10 cents per share, which represents a 20 per cent premium to WTL’s 30-day volume-weighted average price.
WT Financial Group hasn’t disclosed how it will spend the funds, nor any details regarding the upcoming acquisition.
WTL recently announced its half-year results and operating performance for the six months ending December 31, 2021.
During this time, the company said the results reflected the success of integrating financial advisory company, Sentry Group, who it acquired in July for $7 million. This acquisition was partially funded by a $5 million placement.
WTL CEO Keith Cullen said the half-year results support its previous market guidance of over $70 million in revenue and a net profit after tax in excess of $2 million for the full year.
“With our restructure from our previous direct to consumer focus to a dealer group focus now complete we are well placed to continue to capitalise on the ongoing disruption in our industry, at a time when demand for advice continues to grow,” he said.
“We expect to achieve organic growth through the recruitment of more leading advisers and of course we continue to consider acquisition opportunities on their merits as and when they arise,” Mr Cullen concluded.
The company expects to come out of the trading halt by Tuesday, March 15, by which time the acquisition details would have been released.
WTL shares last traded at 8.8 cents on March 10.