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  • Consumer services company Site Group International (SIT) has received binding commitments to raise $750,000
  • Approximately 25 million ordinary shares will be issued to sophisticated and professional investors at a price of 3 cents per share
  • Shares are expected to settle on May 29 and then be allocated and begin trading on the ASX on June 1
  • The money raised from this placement will be used to support Site’s working capital, and the legal and operational requirements for upcoming hearings with ACCC and ASQA
  • The company has also offered eligible shareholders the ability to take part in a share purchase plan and purchase up to $30,000 worth of shares
  • Site has ended the day 18.4 per cent in the red with shares trading for 3.1 cents each

Consumer services company Site Group International (SIT) has received binding commitments to raise $750,000.

Approximately 25 million ordinary shares will be issued to sophisticated and professional investors at a price of 3 cents per share.

This price represents a 21 per cent discount to the last closing price of 3.8 cents from May 21 and a 13.6 per cent discount to the five-day volume weighted average price of 3.5 cents per share.

Shares are expected to settle on May 29 and then be allocated and begin trading on the ASX on June 1.

Site is also offering eligible shareholders the opportunity to participate in a share purchase plan.

Shareholders will be able to purchase up to $30,000 worth of shares at a price of 3 cents each.

More details regarding the share purchase plan will be announced shortly and it is expected to close on June 26.

The money raised from this placement will be used to support Site’s working capital, and the legal and operational requirements for upcoming hearings with ACCC (Australian Competition and Consumer Commission) and ASQA (Australian Skills Quality Authority).

ACCC

In late March 2018, Site and Productivity Partners (PP), a subsidiary of Site, announced that it had received three Section 155 notices under the Competition and Consumer Act 2010.

This regards the accuracy of PP’s enrolment process and the validity of student enrolments.

ASQA

In April 2017, Site was notified to cancel Productivity Partners Registered Training Organisation (RTO) registration.

This was cancelled due to managerial agents were not “Fit and Proper Persons”.

Site has ended the day 18.4 per cent in the red with shares trading for 3.1 cents each in a $30.56 million market cap.

SIT by the numbers
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