By Phil Boeyen, ShareChat Business News Editor
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Tuesday 20th November 2001 |
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The money was raised on the basis of one new ordinary share at 16.5 cents per share for every 7.5 shares and has seen a further 20.14 million shares issued. The company now 190.37 million shares on issue.
ElderCare says its organising broker, ABN AMRO Craigs, reported strong interest from both institutional investors and existing shareholders in the capital raising.
CEO, Alan Clarke, says in conjunction with other initiatives recently approved by shareholders the company has now raised $10.3 million in new equity since its AGM.
"The capital injections have further strengthened the group's financial position by increasing the level of equity in the business, in readiness for its next round of acquisitions," he says.
"They have also enabled the company to reduce overall group debt to less than $29 million, as forecast at the meeting. "
Mr Clarke says the company is expecting to receive a further $3.6 million from land sales by the beginning of April next year.
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