NRW Successfully Closed its $120 million Capital Raise

November 29, 2019 01:08 PM AEDT | By Team Kalkine Media

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NRW Holdings Limited (ASX: NWH) has received commitments to raise $120 million before cost, through the placement of 42.1 million new fully paid shares in NRW at an issue price of $2.85 per placement share. The net proceeds will be used to acquire BGC Contracting Pty Limited.

The issue price represents a:

2% premium to NRW's adjusted 10-day volume weighted average price of $2.71, up to and including the last trading day prior to the trading halt;
4% premium to NRW's adjusted closing price of $2.81 on 27 November 2019, being the last trading day prior to NRW entering a trading halt in connection with the Placement.

At AEST 12:48PM, the stock was trading at $3.020 per share, up by 6.714% from its previous close.

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