Emeco Successfully Completes Institutional Entitlement Offer

  • Feb 01, 2020 AEDT
  • Team Kalkine

Emeco Holdings Limited (ASX: EHL) has successfully completed the institutional component of its 1-for-10.29 pro-rata accelerated non-renounceable entitlement offer of new shares which was launched on Wednesday, 29 January 2020.

Key Highlights:

  • Total of approximately $55 million raised under the Institutional Entitlement Offer at $2.07 per New Share;
  • Strong support from existing eligible institutional shareholders with take up of 90% under the Institutional Entitlement Offer;
  • Proceeds to be applied to the acquisition of Pit N Portal Mining Services Pty Ltd and Pit N Portal Equipment Hire Pty Ltd for an enterprise value of $72 million.

The stock of EHL closed the day’s trading at $2.290 per share on 31 January 2020, down by 0.435% from its previous closing price.

 

 

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