AI assistant
ARC FUNDS LIMITED — Capital/Financing Update 2017
Apr 20, 2017
64416_rns_2017-04-20_6c0e3c0c-22c5-437e-a5c3-23f49ec2e273.pdf
Capital/Financing Update
Open in viewerOpens in your device viewer
==> picture [180 x 62] intentionally omitted <==
ASX ANNOUNCEMENT
21 April 2017
Australian Rural Capital Limited (ARC) successfully completes $1.6m equity capital raising
Australian Rural Capital Limited (“ARC” or “the Company”) is pleased to announce that it has successfully completed the entitlement offer to shareholders and has raised $1.6 million via the issue of 3,218,909 new shares at 50 cents per share.
ARC has also issued 100,000 new shares to the Underwriter, Baron Partners Limited, at the same price, as part payment of underwriting fees on the issue.
The entitlement issue was extremely well supported by the existing shareholder base and the demand from the Underwriters for the small shortfall was oversubscribed. As stated in the Prospectus those shareholders with a small holding were allocated any Top Up shares they applied for, with the balance being placed with new shareholders.
The Board of ARC wishes to thank shareholders for their continued support of the Company and welcomes our new shareholders. The Company is now holding a cash balance of $1.7 million (after issue costs) alongside the substantial investment in Namoi Cotton Co-Operative Limited Capital Units.
We look forward to further reporting our progress as we continue to develop our business.
The new shares will be issued today and are expected to commence normal trading on the ASX on 24 April 2017.
For further enquires please contact
James Jackson, Executive Chairman Tel: 0402 435 762 [email protected]
Chris Lobb, Company Secretary Tel: (03) 8689 9997 [email protected]
Australian Rural Capital Limited ABN 52 001 746 710
c/- Broadley Rees Hogan, Level 24, 111 Eagle Street, BRISBANE, QLD 4001 GPO Box 635 BRISBANE QLD 4001 phone: (07) 3223 9170