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  • Dental centre operator Pacific Smiles (PSQ) has successfully completed its $15 million placement
  • Roughly 5.8 million new shares were issued at $2.60, representing a 9.4 per cent discount to the company’s five-day volume-weighted average price
  • Shares are expected to be issued on March 9 and begin trading on the ASX on March 10
  • Pacific Smiles also announced it would be undertaking a share purchase plan to raise an additional $5 million
  • Eligible shareholders will be able to subscribe for up to $30,000 worth of shares, which will be priced the same as the placement of $2.60
  • Pacific Smiles will use the money from both the placement and share purchase plan to speed-up the rollout of its dental centres and focus on growth
  • Company shares are steady on the market and are trading at $2.70

Dental centre operator Pacific Smiles (PSQ) has successfully completed its $15 million placement.

The company entered a trading halt yesterday, while it finalised the details for a $20 million financing — comprising of a $15 million placement and $5 million share purchase plan.

Placement

Under the placement, roughly 5.8 million new shares were issued at $2.60, representing a 3.7 per cent discount to PSQ’s last closing price of $2.70 on March 1 and a 9.4 per cent discount to the five-day volume weighted average price.

The placement was jointly underwritten by Bell Potter Securities and Wilsons Corporate Finance.

Shares are expected to settle on March 8, be issued on March 9 and begin trading on the ASX on March 10.

Share purchase plan

To raise the remaining $5 million, Pacific Smiles stated it would be undertaking a share purchase plan (SPP).

The company has the right to accept oversubscriptions and may raise more or less than the planned $5 million.

Eligible shareholders will be able to subscribe for up to $30,000 worth of shares which will be priced the same as the placement of $2.60.

The SPP will open on March 8, close on March 18 and shares will be allocated on March 23.

“We are pleased with the response we have had to the placement and look forward to offering shares to our existing investors in the upcoming share purchase plan,” CEO Phil McKenzie said.

“In addition to the strong take-up of the placement, we are delighted to be welcoming a number of new sophisticated and professional investors into our share register,” he added.

Pacific Smiles will use the money from both the placement and share purchase plan to speed-up the rollout of its dental centres and focus on growth.

Company shares are steady on the market and are trading at $2.70 at 3:12 pm AEDT.

PSQ by the numbers
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