EROAD raises NZ$5.6 million in retail offer

EROAD Limited has completed its retail entitlement offer, raising approximately NZ$5.6 million.

Eligible retail shareholders took up approximately 26.9% of their entitlements.

EROAD will conduct a retail shortfall bookbuild to offer new shares to institutional investors and brokers acting on behalf of retail clients.

Any premium achieved through the bookbuild will be paid to eligible retail shareholders who did not take up their entitlements in full and ineligible retail shareholders.

The settlement date for the new shares is expected to be on September 29, 2023, and allotment will occur on October 2, 2023.

The new shares will rank equally with EROAD's existing ordinary shares.