Thursday 15th July 2021
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EROAD Limited confirms that its NZ$64.4m underwritten conditional placement to partly fund the acquisition of 100% of Coretex Limited has been strongly supported by investors.
Subject to shareholder approval on 30 July 2021, the placement shares will be issued at NZ$5.58/A$5.25 per new share, representing a 9.2 % discount to the last closing prices on ASX and NZX on 13 July.
Graham Stuart says: “EROAD is pleased with the strong support for the NZ$64.4m placement to partly fund the acquisition of Coretex. The acquisition of Coretex is truly transformational for EROAD, positioning us to become a bigger player in the global telematics market. We would particularly like to thank our existing shareholders for their support.”
Interests associated with Steven Newman participated in the placement for A$3 million.
EROAD is also offering a non-underwritten Share Purchase Plan (SPP) to raise NZ$16.1 million, subject to the Board's discretion to accept oversubscriptions.
The issue price for the New Shares issued under the SPP will be the lower of the placement price (NZ$5.58/A$5.25 per new share), and the five-day volume weighted average price of EROAD shares traded on the NZX during the five trading days up to, and including, the SPP closing date.
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