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Dubber Corporation (ASX:DUB) - CEO, Steve McGovern - The Market Herald
CEO, Steve McGovern
Source: Dubber
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  • Dubber (DUB) receives firm commitments to undertake a two-phase placement to raise $110 million
  • More than 37.2 million shares will be issued to institutional investors at $2.95, a 7.8 per cent discount to Dubber's closing price of $3.20 on July 23
  • Once received, the money will be used for merger and acquisition opportunities, and to speed up product development
  • Shares in Dubber are down 4.06 per cent on the market and trading at $3.07 at 11:04 am AEST

Dubber (DUB) has received firm commitments to undertake a two-phase placement to raise $110 million.

The company entered a trading halt on July 26 and revealed it was looking to raise $110 million for merger and acquisition opportunities and to speed up product development.

Phase one of the placement will issue 33,086,809 shares to institutional investors at $2.95, a 7.8 per cent discount to Dubber's closing price of $3.20 on July 23.

Phase two will issue 4,201,327 shares, however, this is subject to shareholder approval which will be sought after at the company's general meeting on September 2.

Barrenjoey Advisory and Shaw and Partners will act as joint lead managers, book runners and underwriters.

CEO Steve McGovern is pleased with the support received and said the company will use the money to continue to grow.

"Dubber has a very unique opportunity in front of it not only to become one of Australia's leading technology companies, but a true global leader in our field," Mr McGovern said.

"The success of this capital raising will allow us to significantly accelerate our growth objectives, advance merger and acquisition opportunities and continue developing Dubber to capture the substantial global opportunity ahead of us."

Shares in Dubber were down 4.06 per cent on the market and trading at $3.07 at 11:04 am AEST.

DUB by the numbers
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