Join our daily newsletter At The Bell to receive exclusive market insights
- Debt collector Credit Corp (CCP) has successfully completed its oversubscribed share purchase plan
- The company opened its share purchase plan in early May hoping to raise $30 million but today announced it increased the amount to $35 million
- This decision to increase the size of the share purchase plan was made in the interests of fairness to all shareholders
- Applications totalling more than $102 million were received from 5400 shareholders
- Credit Corp now has a total of $155 million, with $120 million coming from an already completed placement
- The money will be used to enhance the company’s balance sheet, increase liquidity, reduce debt, and support the business during the current market uncertainty
- Credit Corp is down a slight 2.34 per cent and shares are currently trading for $17.91 each
Debt collector Credit Corp (CCP) has successfully completed its oversubscribed share purchase plan.
CCP opened its share purchase plan in early May with the aim to raise $30 million but today it announced it increased the raise to $35 million.
This decision to increase the size of the share purchase plan was made in the interest of fairness to all shareholders.
Applications totalling $102.3 million were received from 5400 shareholders with an average amount of $18,900 being applied for.
A total of 2.8 million shares will be issued at a price of $12.50 each.
Credit Corp now has a total of $155 million, with $120 million coming from an already completed placement.
The money raised from both the share purchase plan and placement will be used to enhance the company’s balance sheet, increase liquidity, reduce debt, and support the business during the current market uncertainty.
“The capital raised means Credit Corp is not only in a strong balance sheet position but has the flexibility to seize investment opportunities that may arise. We appreciate the ongoing support of all our shareholders,” CEO Thomas Beregi commented.
Shares are expected be issued and begin trading on the ASX on June 10.
Credit Corp is down a slight 2.34 per cent and shares are trading for $17.91 each at 12:11 pm AEST.
