Eroad to raise up to $50m as it lists on ASX

Thu, 17 Sep 2020

Eroad is raising $50 million of new capital to accelerate its growth strategies, with the sale timed to coincide with a foreign exempt listing on the ASX. Australian brokers Bell Potter Securities and Canaccord Genuity have underwritten a $42 million share placement and will manage an $8 million share purchase plan for existing investors. Trading in the shares is halted for the placement bookbuild. Shares will be offered at $3.90, a 10.3 percent discount to Monday’s closing price of $4.35 and a 9 percent discount to the 10-day volume-we...

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