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While the trading of Mainstreamâs shares was muted on ASX, two brokers were seen in the market offering $9.5 million placement for the fund administrator.
Yesterday, the securities of Mainstream Group Holdings Limited were announced to be in trading halt at companyâs request. The trading halt was granted by Australian Securities Exchange, pending capital raising announcement that the company has to make.
As of now, no announcement has been made by the company but today brokers were in the market offering Mainstreamâs shares at 70 cents each, which account to 10.8% discount to the last close i.e. $0.785. According to the terms sent to fund manager, Baillieu Holst and Morgans Financial have been hired by the Mainstream Group to oversee an institutional placement of $9.5 million. [optin-monster-shortcode id="wxhmli4jjedneglg1trq"]
It has been said that proceeds from placement will be utilised in the expansion of Mainstreamâs custody business, upgrades to the digital SMA platform, and expansion of US operations and sales.
Mainstreamâs stock last traded at $0.785 after seeing a daily price change of +7.534% on 12 September 2018. The trading halt is expected to continue until the earlier of 17 September 2018 or a release of companyâs announcement regarding the completion of the capital raising. However, the stock has seen a performance change of +55.91% over the past one year.
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