HOTCOPPER SHARES DROP AFTER BIG OPENING DAY

Written on the 16 September 2016

HOTCOPPER SHARES DROP AFTER BIG OPENING DAY

HOTCOPPER (ASX: HOT) has successfully listed on the ASX, finishing its opening day up 32.5 per cent at $0.26 per share.

Today, investors have taken some profits, sending the stock down 5.66 per cent to $0.25.

The owners of HotCopper's holding company, Report Card, sold about 55 per cent of the business to raise $12.2 million, while retaining ownership in the rest of the company through the newly-listed shares.

In total, 110 million shares were issued, capitalising Hotcopper at $22 million.

As reported by Business News Australia, the online share trading discussion forum's listing wasn't warmly welcomed by the entire business community, particularly former CuDeco managing director Wayne McCrae, who was subject to a campaign of harassment from an anonymous user of the site.

HotCopper had to provide a supplementary prospectus after ASIC demanded more information from the company prior to its listing.

UK-based David Argyle is the largest shareholder in the business, and he owns 31.7 per cent of the group.

Of the momey raised, around $1 million will be used to fund the growth of the business.


 


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