Quote Originally Posted by Joshuatree View Post
Raising funds at no discount to s/p at T/H, 42c..

“Payments terminals company Smartpay is pitching a raising with a nil discount to investors on Wednesday morning. The company was seeking to raise $10 million via a placement of new shares at 42¢ each, which was in line with its last sale price.

Funds raised were to "strengthen the balance sheet through initial debt reduction and to provide flexibility for post COVID growth in the Australian merchant acquirer market", according to terms sent to potential investors.

CCZ Statton was managing the offer.It was calling for bids by 4pm on Wednesday and the placement was due to be announced on Friday, the term sheet said.Smartpay had a $73 million market capitalisation prior to the raising. Its shares are listed in Australia and New Zealand. It comes as Smartpay seeks to sell its New Zealand assets. The company had a deal with Verifone, however the agreement was terminated and Verifone made a revised offer. Smartpay's board rejected Verifone's new bid, and is now able to offer the business to other potential buyers.” STREET TALK
That must have been one bad revised offer for them to reject and then raise at this price lol