SILVER CHEF RAISES $7.5 MILLION THROUGH SHARE PLACEMENT
Written on the 16 September 2016 by James Perkins
SILVER Chef Limited (ASX: SIV) has completed a $7.5 million placement to institutional and sophisticated investors through the issue of 737,892 ordinary shares at $10.13 per share.
The issue price is a 5.2% discount to the five-day average price of $10.69 and a 5.1% discount to the ten-day average price of $10.67.
Silver Chef executive chairman Allan English (pictured) says he is delighted with the strong level of support for the equity raise.
"The placement is in accordance with the company's capital management plan and ensures the company is appropriately funded to support its strong growth outlook," says English.
All existing shareholders were able to reinvest in the company at $10.13 per share through the recent dividend reinvestment plan, which was applicable to the final 30 June 2016 dividend.
Shares issued as part of the placement will rank equally in all respects with the company's existing fully paid ordinary shares.
The placement shares are expected to be issued and commence trading on 22 September 2016.
Silver Chef, which was recently added to the S&P Dow Jones ASX200 list, made two equity capital raisings in FY16, in October 2015 and April 2016, for a total of $34 million.
SIV shares are trading up 0.09 per cent this morning at $10.93 each.