ICO completes rights issue

ICO Global has completed its US$30m fully backstopped rights offering. The satellite operator is issuing 42,870,000 new shares at US$0.70 per share to those stockholders that exercised their subscription rights.
The issue was 100% subscribed with no…

ICO Global has completed its US$30m fully backstopped rights offering. The satellite operator is issuing 42,870,000 new shares at US$0.70 per share to those stockholders that exercised their subscription rights.

The issue was 100% subscribed with no shares being sold via the standby purchase agreement put in place to cover any shortfall.

ICO’s chairman and chief executive officer Ben Wolff commented: “We are pleased with the overwhelming support from our stockholders for this offering.”

Proceeds from the rights offering are expected to be used for ongoing operational expenses with the company expected to invest the net proceeds in short-term, investment-grade securities.

Jefferies provided financial advice on the issue.