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Highlights:
- NIB has launched an equity placement of ordinary shares worth AU$135 million on Wednesday (12 October 2022).
- Only NIB’s existing and new institutional shareholders will be eligible to participate in the equity placement.
- The company also shared its further share purchase plan of AU$15 million.
Today, the Australian insurance company NIB Holdings Limited (ASX:NIB) announced a fully underwritten equity placement of ordinary shares worth AU$135 million to its existing and new institutional shareholders. In addition to that, NIB has also shared its plans to raise another AU$15 million through a share purchase plan. The raised funds will be used to enter Australia’s NDIS sector as a Plan Manager, said NIB in its latest update.
As a result, NIB has put its shares on a trading halt on ASX while it conducts its institutional placement. The company mentioned that eligible shareholders in Australia, and New Zealand may buy shares worth AU$30,000 each under the share purchase plan.
The issue price of new shares in the institutional placement is yet to be determined by the company through a bookbuild process.
NIB said that its first Plan Manager acquisition would be of Maple Plan. The company will further pursue other acquisition opportunities as well.
Meanwhile, shares of NIB were spotted trading last at AU$7.510 per share on ASX on Tuesday (11 October 2022).
Mark Fitzgibbon, Managing Director, NIB Holdings Limited, said:
About Maple Plan:
