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Be the first with the news that moves the market- Electro Optic Systems (EOS) has offered all eligible shareholders to take part in a $10 million share purchase plan
- This comes after many shareholders did not have the opportunity to participate in the company’s recent $134 million placement
- The money raised from the share purchase plan will be used to fund future growth opportunities and provide extra cash on hand
- EOS is down a slight 4.56 per cent and shares are trading for $3.98 each
Electro Optic Systems (EOS) has offered all eligible shareholders to take part in a $10 million share purchase plan.
This comes after many shareholders did not have the opportunity to participate in the company’s recent $134 million placement.
In regards to the placement, more than 28 million new fully paid shares were issued to institutional investors at a price of $4.75 per share. This represented a 17.4 per cent discount to EOS’ closing price on April 14 of $5.75.
According to EOS, it expects that the $134 million will be enough to continue its expansion strategies and stay afloat until business resumes to normal.
While the exact price of the share purchase plan is not yet known, the shares will be lower than the placement price and lower than the volume weighted average price of the five-days leading up to the closing date.
Shareholders will be able to purchase up to $30,000 worth of shares, and while the total amount will be limited at $10 million, the Board has the right to accept applications if this is exceeded.
The company also has the rights to scale back applications.
The extra money raised from the share purchase plan will be used to fund future growth opportunities and provide extra cash on hand.
The share purchase plan will close on May 8 and shares will be issued on May 14.
EOS is down a slight 4.56 per cent and shares are trading for $3.98 each at roughly midday trade.
