Sharechat Logo

General Capital Limited (GEN:NZ) Capital Raising completed

Friday 7th December 2018

Text too small?

General Capital advises that it has successfully completed the Capital Raising process that was announced on the 15th of October.

Mr. Rewi Bugo, Chairman of General Capital said “This has been a very busy and successfulyear for General Capital. We listed on the 3rd of August. We now have a business with strong cash flows, significant revenues and total assets of approximately $18million. The capital we have raised will allow us to increase the capital of General Finance and hence the loan book. General Finance is a Non-Bank Deposit Taker (NBDT) which specialises in lending on residential property.

Our subsidiary, Investment Research Group Ltd (IRG) has advised on the listing of Sport & Education Ltd (SEC). SEC listed on USX on Monday the 3rd of December. IRG has also published the 44th Edition of the very popular IRG Investment Yearbook this month. The IRG Investment Yearbook is available on IRG’s website and also available at good bookshops.”

Mr. Bugo said, “The capital markets around the world are challenging currently so the success of the capital raise exceeding our stated target has been very pleasing. The Board thanks all the investors for their support and we look forward to rewarding all shareholders by issuing two classes of warrants next week. ”

The Components of the Capital Raise are as follows:

Share Purchase Plan

2,402,978 ordinary shares have been issued to 39 shareholders with an aggregate

subscription value of $162,000.


18,615,073 ordinary shares have been issued to wholesale investors for an aggregate subscription value of $1,256,518.

1,037,037 ordinary shares have been issued to Directors and Senior Managers for an aggregate subscription value of $70,000.

8,850,111 ordinary shares have been issued to Borneo Capital Limited (Borneo) for an aggerate subscription value of $529,883 to allow Borneo to maintain its current 26.25% shareholding in the Company.

All shares were issued at a price of 6.75 cents per share.


The Shareholders of General Capital Ltd approved the issue of warrants to all shareholders on the register on Record Date at the Special Meeting held on the 29th November 2018. General Capital has previously advised the market that the record date for the calculation of warrants is Monday 10th December and that the warrants will be issued on Tuesday 11th of December 2018.


  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

Gold Report 21st May 2019
NZ dollar falls after RBA governor flags potential rate cut
ASB reviews ownership of Aegis
Auckland Airport kicks off next phase of expansion
Cashed-up Plexure eyes acquisitions to accelerate growth as loss shrinks
Tower turns to 1H profit, lifts FY guidance
IRD should have doubled claim against Watson's Cullen Group - Professor
Investore FY profit falls 16% on smaller valuation gain, signals flat dividend for 2020
Synlait receives cease and desist letter regarding Pokeno plant
21st May 2019 Morning Report

IRG See IRG research reports