Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Evolve Education Group (EVO) has received strong commitments to raise $21.7 million through a placement
  • The money will go towards funding flexibility for future centre acquisition opportunities in Australia
  • Approximately 19.7 million new fully paid ordinary shares will be issued at $1.10 each, representing a 7.9 per cent discount to yesterday’s closing price
  • Settlement is scheduled for Friday April 9, with allotment and quotation of shares expected on the NZX and ASX on Monday April 12
  • Shares last traded at $1.20 on March 30

Evolve Education Group (EVO) has received strong commitments to raise $21.7
million through a placement.

The company entered a trading halt yesterday, with details of the raise initially expected on April 6.

However, today Evolve has announced the full placement details, stating that the money will go towards funding flexibility for future centre acquisition opportunities in Australia.

Approximately 19.7 million new fully paid ordinary shares will be issued at $1.10 each, representing a 7.9 per cent discount to yesterday’s closing price.

New shares issued under the placement will rank equally with existing EVO ordinary shares.

Settlement is scheduled for Friday April 9, with allotment and quotation of shares expected on the NZX and ASX on Monday April 12.

The company said new and existing institutional and sophisticated investors showed strong support for the raise.

Managing Director Chris Scott commented on the placement.

“The capital raising will contribute to further implementing our Australian expansion strategy, as we believe the current market conditions are highly favourable for centre acquisitions and market consolidation. We look forward to putting investors’ money to work,” he said.

EVO’s shares last traded at $1.20 on March 30.

EVO by the numbers
More From The Market Herald

" KNeoMedia to deliver lucretive​ results

Online education publisher KNeoMedia has confirmed the successful placement of 32.5 million shares to sophisticated investors and licensed security dealers at $0.
KneoMedia (ASX:KNM) - CEO, James Kellett

" KneoMedia (ASX:KNM) raises $2m for new sales contracts

Online education publisher KneoMedia (ASX:KNM) has successfully raised just over $2 million via a share placement.
8VI (ASX:8VI) - Chairman, Clive Tan

" 8VI (ASX:8VI) still mulling over Singapore listing

Singapore-based 'FinEduTech' company 8VI (ASX:8VI) says it's still exploring plans for a secondary listing on the Singapore…

" Mayfield Childcare (ASX:MFD) halts trading ahead of “material acquisition”

Mayfield Childcare (ASX:MFD) has entered a trading halt today, pending further news regarding a material acquisition…