M2, the Australian telecoms services provider, has successfully raised A$83.1m (US82.4m) in a rights issue.
The approximately 29.2 million new shares had an offer price of A$2.66 (US$2.64) per share.
About 2 million shortfall shares that were not sold…
M2, the Australian telecoms services provider, has successfully raised A$83.1m (US82.4m) in a rights issue.
The approximately 29.2 million new shares had an offer price of A$2.66 (US$2.64) per share.
About 2 million shortfall shares that were not sold in the market will be taken up by Goldman Sachs Australia, the underwriter for the offer.
The proceeds of the rights issue will be used to partially fund the acquisition of Primus Telecoms, M2 said in a statement.
The takeover of Primus for A$192.4m (US$198.9m) was announced in mid April.
The company said at the time that the deal would be financed by the rights issue, and a new A$182.5m (US$188.9m) senior facility to be provided by Westpac and Bankwest.
The new shares are scheduled to be issued on 21 May 2012 and commence trading on ASX on 22 May 2012.
