InvoCare Limited Successfully Raised $65 million via Institutional Placement

The Funeral service provider, InvoCare Limited (ASX: IVC) has successfully completed its Institutional Placement Program by raising around  $65 million through the issue of approximately 4.64 million new Shares at a price of $14.00 per new share, displaying a discount of 2.4% to the close price of $14.34 as on 7 March 2019.

As per the company’s announcement, the placement was strongly supported by existing and new institutional shareholders. The net proceeds of the placement will be used for the company’s growth objectives and it will also be used to provide incremental balance sheet flexibility.

At the time of announcing about the Institutional Placement, the company’s CEO, Mr. Martin Earp had stated that the company has structured its funding policy to retain an appropriate level of flexibility to allow for both of its growth strategies to continue at an appropriate pace.

While commenting on the completion of the Institutional placement, Mr. Martin Earp, told that the management of the company is pleased with the success of the Institutional Placement and the strong support shown by both its existing institutional shareholders and the broader investment community. The management is excited by the growth outlook for its business, driven by Protect & Grow and supported by its Regional Acquisition Strategy.

The Company’s Protect & Grow program has been running for more than 15 months and as at 31 December 2018, the company had completed around 35% of the sites under this program. It is expected that the majority of the renovation program will be completed in 2020.

After the completion of Institutional Placement, the company will allow all of its existing eligible ordinary shareholders to participate in a non-underwritten share purchase plan (SPP). The SPP is capped at A$15,000 per shareholder and A$20 Mn in aggregate and is not underwritten.

Earlier on 8 March 2019, the company had requested a trading halt, pending the release of an announcement to the market regarding the Capital Raising. After today’s announcement regarding the completion of the Institutional placement, the trading halt was lifted, and the company’s shares went down by 3.138% in the intraday trade as on 11 March 2019 (AEST 4:00 PM).

Now, let’s have a glance at the company’s stock performance and the return it has posted over the past few months. The stock is trading at a price of $13.890, down by 3.318% during the day’s trade with a market capitalization of ~$1.58 billion as on 11 March 2019 (AEST 4:00 PM). The counter opened the day at $13.980 and reached the day’s high of $14.010 and touched a day’s low of $13.800 with a daily volume of ~ 459,107. The stock has provided a year till date return of 40.18% & also posted returns of 13.36%, 24.26% & 19.20% over the past six months, three & one-months period respectively. It had 52-week high price of $15.030 and touched 52 weeks low of $10.100, with an average volume of ~525,043.


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