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Pie Funds have brought another 764,880 shares between 52cents and 60 cents,taking their holding to 4,445,286 or 6.10%.
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Big buy with mkt cap sub $41 mill. One for Five rights issue @ 48c for holders
From AFR:
ASX-listed workplace and employment outsourcing company Konekt is seeking investor support for a $24 million acquisition and associated equity raising.
Street Talk understands Konekt has agreed terms to buy NSW-based jobs search company Mission Providence - a leading provider of employment services under the federal government's jobactive program.
Mission Providence has a national footprint with 85 branches, more than 400 staff and $51 million revenue in the 2017 financial year, according to numbers in front of potential investors on Wednesday morning.
Konekt will fund the acquisition via a $32.7 million financing package, including an $18.3 million debt facility and an equity raising.
The equity raising was split into an institutional placement of 18.2 million new shares at 48¢ each to raise $8.7 million, and a one-for-five rights issue to raise another $7 million.
Both components of the raising were underwritten by stockbroker Taylor Collison.
Konekt shares last closed at 56¢.
Taylor Collison was calling for bids into the placement by 5pm on Wednesday.
Konekt is expected to announce the acquisition and equity raising later this week, along with the company's full year results.
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Trading halt.
An excellent post on HC by Peter doobes gives a lot of details;
So a $32.7 mil acquisition of Mission Providence.This is a big one as KKT's market cap at 56 cents is $40.8 mil.
Placement at 48 cents to raise $8.7mil and a one for five rights issue to raise $7mil.
KKT will also fund the acquisition with $18.3 mil of debt.
ps Thanks JT.
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Results look great to me and the future better
Download Document 250.81KB
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Originally Posted by Joshuatree
Thanks for the link.
Last trade was at 52 cents.I was expecting them to open closer to 60 cents.! Wrong again.So looks as though the sp is moving down closer to the placement/rights issue price.
Just hope the paper work comes through in time for me to take up my rights at 48 cents.
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Paperwork arrived yesterday.Delivered to Craigs this morning,who will do the payment etc for me.Offer closes next Friday 8th September.
Last edited by percy; 01-09-2017 at 12:45 PM.
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Given the processing fee for Bpay it may be cheaper to buy on market (albeit you probably have a much larger parcel) - closed at 49 cents today. Good entry price for those who don't already hold.
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Pleasing reading that the rehabilitation contract with MHS [Medibank],has been extended fom October 2018 to June 2019.
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Took up mine.S/P holding @ 50.5c .All the directors took up their SPP and more. $15.7 mill raised,$7 mill from shareholders but some applied for topup. Dr Flynn now a subst holder.
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Did not like the result.
Sold.
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