Sovereign Cloud (ASX:SOV) - Founder & Managing Director, Phil Dawson
Founder & Managing Director, Phil Dawson
Source: AUCloud
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Sovereign Cloud (SOV) successfully completed the retail component of its entitlement offer and raised $18.6 million
  • The retail entitlement offer was strongly supported by shareholders with Sovereign receiving applications totalling $17.2 million with a 92 per cent take-up rate
  • This forms part of Sovereign’s $35 million capital raising which it first announced back in November
  • As previously stated, the company says it’ll use the money for its AUCloud product and to invest in new cloud platforms in Adelaide, Brisbane and Melbourne
  • Sovereign ends the day 0.63 per cent in the red with shares trading at 78.5 cents

Sovereign Cloud (SOV) has successfully completed the retail component of its entitlement offer and raised $18.6 million.

Together with the institutional entitlement offer, Sovereign has raised a total of $22.6 million.

The retail entitlement offer was strongly supported by shareholders with Sovereign receiving applications totalling $17.2 million with a 92 per cent take-up rate.

Further, eligible retail shareholders were allocated roughly $860,000 under the top-up facility.

Approximately $590,000 was not taken up and was allocated to the underwriters and sub-underwriters.

Shares are expected to be allocated on December 20 and begin trading on the ASX on December 21.

This latest raise forms part of Sovereign’s $35 million capital raising which it first announced on November 22.

As previously stated, the company said it will use the money for its AUCloud product and to invest in new cloud platforms in Adelaide, Brisbane and Melbourne.

Founder and Managing Director Phil Dawson welcomed the new shareholders.

“The strong support from retail and institutional investors is an endorsement of the strategic rationale for the equity raising and partnership with NEXTDC, a leading provider of premium data centre facilities,” Mr Dawson said.

“We are looking forward to working with NEXTDC and Craig Scroggie once he is appointed to the AUCloud board and are excited about the potential with a bigger and broader platform footprint into Brisbane, Melbourne and Adelaide.”

Sovereign has ended the day 0.63 per cent in the red with shares trading at 78.5 cents in a $104.6 million market cap.

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

" Askari Metals (ASX:AS2) acquires Barrow Creek Lithium project after raising $2.6m

Askari Metals (ASX:AS2) has acquired the Northern Territory Barrow Creek Lithium project after completing a $2.6…
Agrimin (ASX:AMN) - CEO, Mark Savich

" Agrimin (ASX:AMN) announces $7m cap raise

Following a trading halt earlier in the week, fertiliser development company Agrimin (ASX:AMN) has announced plans…

" Race Oncology (ASX:RAC) reports $1.8m in cash outflows

Race Oncology (ASX:RAC) reports $1.8 million in cash outflows