United Malt Group Limited (ASX:UMG) notified the market that it had completed its institutional placement (fully underwritten) of $140 million. UMG issued new fully paid ordinary shares of nearly 36.8 million to institutional investors.
The placement price of new shares was issued at $3.8 per share, indicating an 11.4 per cent discount to the Company’s last traded price on 13 May 2020.
The proceeds will be utilized to provide operational and financial flexibility and strengthen its balance sheet.
On 15 May 2020 (AEST 12:17 PM), UMG stock was trading downward by 6.993% to $3.9.