Viva Leisure (ASX:VVA) - CEO and MD, Harry Konstantinou
CEO and MD, Harry Konstantinou
Source: Harry Konstantinou/Twitter
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Viva Leisure (VVA) is set to bank $11.7 million from institutional investors in a bid to “strengthen the company’s balance sheet”
  • Approximately 7.5 million shares are set to be issued under the placement after being offered up at $1.55 apiece
  • Proceeds from the raise are set to go towards strengthening the company’s balance sheet and pursuing its acquisitive growth strategy
  • Viva Leisure entered a trading halt yesterday, hinting at an upcoming fund raise
  • Viva Leisure shares closed today’s session down 7.02 per cent to trade at $1.59

Viva Leisure (VVA) is set to bank $11.7 million from institutional investors in a bid to “strengthen the company’s balance sheet”.

The Australian health club owner and operator offered up approximately 7.5 million company shares at $1.55 per share.

The announcement comes the day after the company entered a trading halt, where it hinted at an upcoming fundraising activity.

Viva said the placement was strongly supported by new and existing institutional investors.

Proceeds from the raise are set to go towards strengthening the company’s balance sheet and pursuing its acquisitive growth strategy.

Viva Leisure Chief Executive Officer and Managing Director Harry Konstantinou commented on the fundraise.

“We are pleased with the support for the placement and take this opportunity to welcome a number of new institutional investors to the register,” he said.

“The Board also thanks our existing shareholders for their ongoing support.

“Funds from the placement will provide additional support for our balance sheet and support acquisitive growth.”

Petra Capital acted as sole lead manager and sole bookrunner to the placement.

Viva Leisure shares closed today’s session down 7.02 per cent to trade at $1.59.

VVA by the numbers
More From The Market Herald

" PointsBet (ASX:PBH) losses extend to $51.8m

PointsBet (ASX:PBH) has reported $51.8 million in cash outflows for its quarterly update as the company…
Harris Technology (ASX:HT8) - CEO, Garrison Huang

" Harris Technology (ASX:HT8) Q4 revenue jumps 40pc

Harris Technology (ASX:HT8) announced a 40 per cent year-on-year increase in sales revenue for the December…
BlueBet (ASX:BBT)- Executive Chair Michael Sullivan (left) and CEO Bill Richmond

" BlueBet (ASX:BBT) continues US expansion with skin agreement in Colorado

BlueBet Holdings (ASX:BBT) subsidiary, BlueBet Colorado has signed a skin agreement with the Wild Card Saloon…
Jatcorp (ASX:JAT) - Managing Director, Wilton Yao

" Jatcorp (ASX:JAT) enters co-branding agreement with Pinnacle Laboratories

Consumer goods developer and manufacturer Jatcorp (ASX:JAT) has entered a co-branding agreement with Pinnacle Laboratories.