Energy Mad to raise $2.24M in rights issue at 13% discount

Wed, 25 Feb 2015

By Paul McBeth Feb. 25 (BusinessDesk) - Energy Mad, the unprofitable energy efficient light bulb marketer, wants to raise up to $2.24 million in a discounted rights issue to firm up its books and help fund its growth plans. The Christchurch-based company plans to make a four-for-five pro-rata renounceable offer to existing shareholders at 6.5 cents apiece, a discount to the last trading price of 7.5 cents. Cornerstone shareholder SuperLife, the fund manager recently acquired by stock market operator NZX, will underwrite the offer up to $1...

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