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SCHOOLBLAZER LIMITED — Capital/Financing Update 2023
Nov 28, 2023
65751_rns_2023-11-28_0f208543-eaa7-412b-b289-cddef3122a77.pdf
Capital/Financing Update
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HANCOCK & GORE
29th November 2023
Company Announcements Office
Australian Securities Exchange
Authorised by the Board for immediate release.
Successful capital raise to fund growth
Highlights:
- Firm commitments received to raise approximately $11.0m through a Placement to institutional and sophisticated investors at A$0.36 per share.
- Placement strongly supported by new and existing shareholders.
- Placement proceeds will be primarily utilised to accelerate growth for H&G, with a focus on inorganic growth with the Mountcastle business, led by Mountcastle Executive Chair Steven Doyle.
- H&G is well funded with pro-forma 30 September 2023 cash balance of $16.6 million.
Hancock & Gore Limited ACN 009 657 961 (ASX:HNG) ('H&G') is pleased to confirm the successful completion of an equity capital raise ("Placement") of A$11.0 million at A$0.36 per share via a placement of 30.68 million new shares utilising H&G's existing Placement capacity pursuant to ASX Listing Rule 7.1. Executive Chairman Sandy Beard has agreed to participate in the Placement for $100,000 subject to shareholder approval expected to be sought at the company's AGM in early 2024.
The Placement was strongly supported by new and existing Institutional and sophisticated shareholders.
Throughout calendar year 2023, H&G moved to 89% ownership of leading integrated uniform specialist, Mountcastle and has reached binding agreement to increase holding to 100%. The move to full ownership and appointment of Steven Doyle as Mountcastle's Executive Chairman, has the platform at a key inflection point to consolidate a A$1 billion highly fragmented industry.
Post Placement, H&G will be well funded with a pro-forma 30 September 2023 cash balance of $16.6 million. Funds raised from the Placement, in conjunction with existing cash balances and ongoing cashflow will be used for growth, with a focus on acquisitions by Mountcastle.
New shares issued under the Placement will rank equally with existing shares on issue, Morgans Corporate Limited and Blue Ocean Equities Pty Ltd acted as Joint Lead Managers to the Placement.
Level 5,
107 Pitt Street,
Sydney NSW 2000
T: +612 86674660
E: [email protected]
HANCOCK & GORE
Indicative Timetable
| Event | Date |
|---|---|
| Trading Halt | Monday, 27 November 2023 |
| Trading Halt Lifted and Return to Trade on ASX | 10am, Wednesday, 29 November 2023 |
| Ex date for FY23 final dividend | Thursday, 7 November 2023 |
| Record date for FY23 final dividend | 7pm, Friday 8 December 2023 |
| Settlement of Placement | Monday, 11 December 2023 |
| Allotment & Trading of Placement Shares | Tuesday, 12 December 2023 |
Additional details regarding the Placement can be read in the presentation and Appendix 3B released to the ASX on 29th November 2023.
For more information, please contact Executive Chair, Sandy Beard on 0412 308 263
About H&G
H&G is a diversified investment company with a focus on active management and driving shareholder returns through investing in a broad range of opportunities across Private Equity, ASX Listed Equities, funds management and real property, debt funding and other alternative investments. We seek to become a trusted partner of choice that aims to solve our partners' problems, identifying and pursuing opportunities that benefit all parties.
Level 5,
107 Pitt Street,
Sydney NSW 2000
T: +612 86674660
E: [email protected]