Total
0
Shares
GUD Holdings (ASX:GUD) - Managing Director and CEO, Graeme Whickman - The Market Herald
Managing Director and CEO, Graeme Whickman
Source: WhichCar
  • GUD Holdings (GUD) has successfully raised $55 million through a placement to institutional investors
  • Yesterday, the ASX 200-listed stock entered a trading halt ahead of the raise which is funding the $70 million acquisition of AMA Group's ACAD business
  • A total of 4.9 million new shares have been issued at $11.25 - representing a 4.9 per cent discount to GUD's last traded share price on November 18
  • Additionally, GUD is launching a share purchase plan (SPP) to raise another $15 million
  • Eligible shareholders may subscribe for up to $30,000 worth of new securities
  • At market close, GUD was trading a slight 0.17 per cent higher for $11.85

GUD Holdings (GUD) has successfully raised $55 million through a placement to institutional investors.

Yesterday, the ASX 200-listed stock entered a trading halt ahead of the raise which is funding the acquisition of AMA Group's ACAD business for $70 million.

A total of 4.9 million new fully paid GUD shares have been issued at an issue price of $11.25 per new security. This represents a 4.9 per cent discount to GUD's last traded share price on Wednesday, November 18.

The issue price also represents a premium to the fully underwritten floor price of $10.75 per new security that was announced yesterday.

"We are delighted with the very strong support from existing shareholders and pleased to welcome new high-quality institutional investors onto the register. The successful completion of the institutional placement demonstrates the support from the market for our growth strategy," Managing Director and CEO Graeme Whickman said.

The new securities are expected to settle on Tuesday, November 24 and will be allocated and trade normally on the following day.

Additionally, GUD is launching a share purchase plan (SPP) which will give eligible existing shareholders the opportunity to acquire new securities in the company. To do so, they'll be able to subscribe for up to $30,000 worth of new securities.

Through the SPP, GUD is hoping to raise approximately $15 million. The SPP offer period will be open from Wednesday, November 25 and will close on Tuesday, December 15.

At market close, GUD was trading a slight 0.17 per cent higher for $11.85.


Subscribe


GUD by the numbers
More From The Market Herald
The Market Herald Video

" Bega Cheese (ASX:BGA) to join forces with Lion Dairy in $500M deal

Bega Cheese (BGA) is set to snap up dairy giant Lion Dairy and Drinks (LD&D) in a half-billion-dollar purchase deal.
Lendlease (ASX:LLC) - CFO, Tarun Gupta - The Market Herald

" Lendlease (ASX:LLC) CFO to take on chief position at Stockland (ASX:SGP)

A major corporate shakeup at two of the ASX’s biggest property developers will see Lendlease’s (LLC) finance head jump ship to take the
Lynas Corporation (ASX:LYC) - CEO & Managing Director, Amanda Lacaze - The Market Herald

" Lynas Corporation (ASX:LYC) identifies potential REE mineralisation at Mt Weld

Lynas Corporation (LYC) has identified potential rare earth element (REE) mineralisation below the Mt Weld Rare Earths Pit.
Telstra Corporation (ASX:TLS) - CEO, Andrew Penn - The Market Herald

" Telstra (ASX:TLS) faces $50M fine after “unconscionable” sales to Indigenous consumers

The consumer watchdog will take Telstra (TLS) to court after the telco admitted to “unconscionable conduct” while selling phone plans to Indigenous consumers.