WasteCo share purchase plan closes

WasteCo share purchase plan closes

WasteCo Group Limited (NZX:WCO) advises that its $2.5 million fully underwritten share purchase plan (SPP) has closed. The SPP closed on 23 August 2023. The SPP forms part of WasteCo's capital raising announced on 11 August 2023, which also included a private placement of $0.5 million (Placement).

WasteCo is pleased to announce that the SPP received valid applications for approximately $1.283 million. In accordance with the terms of the underwriting arrangements, the shortfall of approximately $1.217 million, representing 18,720,995 shares, will be taken up by the selected group of existing shareholders who acted as underwriters in relation to the SPP.

WasteCo Chair, Shane Edmond said "We thank shareholders for their support of WasteCo through the share purchase plan. The funding will support us with both our current acquisition of the waste collection business of Bond Contracts Limited, and with funding our future growth."

WasteCo has raised a total of $3 million in new equity through the SPP and Placement. The new shares under both the SPP and Placement will be issued at an issue price of $0.065 per share.

Settlement and allotment of the new shares issued under both the SPP and Placement is expected to occur on 30 August 2023. The new shares will be issued at an issue price of $0.065 per share and will rank equally with the existing WCO shares on issue.


About WasteCo

WasteCo is a leading South Island waste solutions company, processing and diverting liquid and solid waste from landfill. It provides comprehensive solutions for household, commercial, industrial and local authority customers.

WasteCo is New Zealand’s only diamond certified Toitū Enviromark waste solutions provider and delivers outcomes that ensure its customers are at the leading edge of the sustainability frontier.

The company provides waste and sorting options as well as waste remediation, sweeping and industrial cleaning services – all delivered using leading edge technology and highly trained customer focussed staff.

The Christchurch-based business was established in 2013.

ENDS

For enquiries:

Shane Edmond
Non-Executive Chair
WasteCo Group Limited
Mobile: 021 995 519

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Announcement PDF