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Highlights:
- Mining and infrastructure solutions provider, Orica has raised AU$41 million under its share purchase plan.
- The issue price of the share purchase plan was AU$15.288.
- Shares under the plan are expected to commence trading on ASX on 5 September 2022, that is, on coming Monday.
Almost a month back (3 August 2022), Orica Limited (ASX:ORI) announced a share purchase plan (SPP) to raise up to AU$75 million. Today (2 September 2022), the company shared that it has completed its share purchase plan, raising around AU$41 million.
SPP was announced along with the AU$650 million institutional share placement, which was completed on 4 August 2022.
Orica share price
On Friday, Orica shares are buzzing in the red zone. At 10:40 AM AEST, the shares were spotted trading 0.46% lower at AU$15.24 per share. With this, in the last one month, the share price dropped by 11.51%. In one year, Orica's share price rose by 14.52%, registering a rise of 6.36% in the last six months alone. On a year-to-date (YTD) basis, the share price surged by 9.26%.
ASX 200 fell by 4.30 points to 6,845.50 at 11:03 AM AEST.
Details of the share purchase plan
According to ASX announcement, under the share purchase plan, 2.7 million new Orica shares will be issued to those who participated in the plan. The new ordinary shares are scheduled to be issued on 2 September 2022, that is, today.
The issue price of each SPP share is AU$15.2881, which is a 2% discount on the 5-day volume weighted average price of shares traded on ASX up to and including the last closing date of SPP. The issue price is in line with the terms of SPP shared on 3 August.
Reportedly, Orica sent the SPP offer to 36,809 shareholders and received participation from circa 3,200 eligible holders. The numbers represent a participation rate of around 8.7%, with an average SPP application amount of AU$13,000.
Orica said that the SPP shares are expected to commence normal trading on ASX on 5 September 2022.
Management Commentary
Sanjeev Gandhi, managing director and CEO, Orica, commented in the development
About Orica
Orica is an AU$6.89 billion market cap company that offers one of the world’s leading infrastructure and mining solutions. The company supplies geotechnical monitoring, mining chemicals, blasting systems, explosives and a range of other services to mobilise the earth’s resources in an efficient manner.
Reportedly, the company has been operating for more than 145 years and serves customers across underground mines, construction, quarry and oil and gas operations.
