While the trading of Mainstream’s 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 company’s 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 Mainstream’s 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.
It has been said that proceeds from placement will be utilised in the expansion of Mainstream’s custody business, upgrades to the digital SMA platform, and expansion of US operations and sales.
Mainstream’s 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 company’s 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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