IVE Group Limited (ASX: IGL) announced that it is undertaking an institutional placement and share purchase plan after completing the procurement of Ovato Limited for a total purchase consideration of AU$16 million. The company has announced to raise approx. AU$18 million via the placement to professional and sophisticated investors. The placement includes the issue of approx. 8.0 million fully paid ordinary shares at AU$2.25 per new share.
In addition to the placement, the company also announced a share purchase plan, under which the company will offer the previous shareholders the opportunity to buy up to AU$30,000 of additional shares to potentially raise approx. AU$2.0 million. Proceeds from the placement and the share purchase plan will be used to preserve substantial balance sheet ability for the company to pursue previously announced growth initiatives comprising additional organic initiatives and to further support opportunistic ‘bolt-on’ and strategic acquisitions.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
