ERoad's capital raise: thank goodness for underwriters

ERoad chair Susan Paterson's move a plan or a ploy? (Image: NZME)

Thu, 28 Sep 2023

The response by the ERoad board to an unwanted raid by Canada-based Constellation Software has played out in a feebly supported $50 million capital raise, which closed on Wednesday.The result for shareholders, at least at this stage, is a share price actually lower than the issue price of 70 cents per new share in an already deeply discounted one-for-2.06 renounceable rights offer.At 68cps shortly after a halt lifted on Wednesday, this meant ERoad was trading at close to half the $1.39 a share it was attracting when the company was subject to a...

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