AMA Group has announced the successful completion of the retail component of its fully underwritten accelerated 1 for 2.80 pro rata non-renounceable entitlement offer announced on 10 September.
The retail component of the offer closed on 30 September, raising gross proceeds of approximately $47 million at the offer price of $0.375 per share. AMA said together with the institutional component of the offer, the total amount raised under the offer is approximately $100 million.
According to the company, valid applications were received totalling approximately 62.9 million new fully paid ordinary shares, representing a take-up rate of about 50 per cent. In addition, eligible retail shareholders applied for an additional 14.6 million new shares in excess of their entitlements, which corresponds to an overall retail take-up rate of about 62 per cent.
Approximately 47.2 million new shares, representing the entitlements of ineligible foreign shareholders and entitlements not taken up by eligible retail shareholders, will be allocated to sub-underwriters of the offer.
The company said new shares issued will rank equally with existing AMA Group ordinary shares.
“We are happy to announce the successful completion of the Retail Entitlement Offer which is the final step of the capital raising AMA Group announced on 10 September 2021,” said Carl Bizon, CEO of AMA Group.
“It was important to us that our retail shareholders were able to participate, and we are pleased with the level of support shown for the business. We continue to look forward to the future in anticipation of the impacts of COVID-19 lockdown restrictions easing and the continued execution of our strategy.”