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.

Placements

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.

Warrants

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
Comment:
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:

MARKET CLOSE: NZ shares fall as investor uncertainty weighs on exporters; F&P Health, A2 drop
NZ dollar drops below US68c on plan to up bank capital
Noel Leeming fined $200,000 for misleading consumers
Big four banks face stiffer capital requirements from RBNZ
Infratil signals A$50m investment in Canberra Data Centres
Govt provides $2.5 mln to develop Opotiki aquaculture
Labour co-ordinator role may alleviate kiwifruit labour shortage
NZ manufacturing activity chugs along in November
Australia's GWA lobs in $118M bid for Methven
Govt leaves door open for higher emissions price cap

IRG See IRG research reports