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Shares of Amaysim Australia Limited (ASX:AYS) opened 8.46% down on ASX today. The company announced the successful placement of the institutional component of Institutional Entitlement Offer.
It is to be noted that, the shares are trading after two days of trading halt, upon the request placed by the company on 26th February 2019. The company had requested a trading halt on the ASX, invoking listing rule 17.1, and the company required this in connection to the Institutional Entitlement Offer.Â
AYS reported that approximately 97% of the Institutional Entitlement has been taken up. This signifies strong participation by the existing eligible institutional shareholders. The company also reported that the institutional bookbuild for entitlements either not taken up by eligible institutional shareholders, or attributable to ineligible institutional and ineligible retail shareholders, witnessed bids significantly exceeding the available bookbuild securities.
The company had earlier stated that the largest shareholder Langfrist (A holder of 16.14% of Amaysim shares) had committed to take-up 100% of its entitlement and provide sub-underwriting support to the Entitlement Offer.
The company raised approximately $35.1 million through an issue of ~58.5 million new shares at $0.60 a share. The offer was made at a discount of 29.1% to TERP (Theoretical ex-rights price) ($0.846 per share)
The CEO and Managing director, Peter OâConnell saw this as a strong display of support from the existing shareholders.
The company in its announcement on 26th February stated that it intended to use the money raised via the offer to:
- Repay senior debt.
- Fund working capital/growth capital and.
- Meet transaction costs.
The new shares issued will rank equally with the existing shares and to be allocated on 7th March 2019, and their trading will commence on a normal settlement basis on the Australian Securities Exchange (âASXâ) on the same day.
The company is further raising $15.5 million via the Retail Entitlement Offer, through a 1 for 2.5 non -renounceable entitlement offer of approximately 25.8 million shares. Eligible retail shareholders on the record date of 7:00 PM Thursday,28 February 2019 (Sydney Time), have the opportunity to apply for the shares at the offer price. The offer will open on Tuesday,5 March 2019 and close at 5:00 PM (Sydney time) on Monday,25 March 2019.
The company in its Entitlement Offer announcement stated that the Independent, Non-Executive Director Thorsten Kraemer had committed to take-up 100% of his entitlement and provide sub-underwriting support for up to a further one million shares to the Retail Entitlement Offer. The participation by the independent director should help build confidence for retail participation.
The Retail Information Booklet, containing the terms and conditions, is expected to be lodged with the ASX and dispatched to the eligible retail shareholders on Tuesday, 5 March 2019.
Stock Information:
AYS share price was down by 12.169% (as at Thu 28 Feb19 3:15 PM) on the ASX. The share price has dropped by around 5.97% in the last six months.
Amaysim Australia Limitedâs (ASX:AYS) market capitalization stands at $199.2 million. The Stock has noted the 52-week low price of A$ 0.627 and the 52-week high price of A$1.411. The company has a PE of 72.690 and EPS of 0.013 AUD.
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