Scott Technology Rights Issue Closes Oversubscribed
Scott Technology Limited (â€œScott Technologyâ€) advises that its NZ$9.5 million 1:4 pro-rata renounceable rights issue for up to 7,945,151 new shares (after rounding) closed on 28 July 2011
The Directors are delighted that the offer has been so well supported by our current shareholder base, as reflected in the take-up level of approximately 115% (including oversubscriptions). The success of the offer is a strong endorsement of support for Scott Technologyâ€™s strategy and future growth opportunities.
For the purposes of the NZSX Listing Rules, Scott Technology advises the following:
- Subscriptions received pursuant to entitlements: 7,091,043 ordinary shares totalling NZ$8.5 million, representing a take-up of entitlements of 89%;
- Entitlements not taken up: 854,108 ordinary shares totalling NZ$1.0 million, representing a shortfall in take-up of entitlements of 11%;
- Applications for additional shares under the oversubscription facility: 2,079,367 ordinary shares totalling NZ$2.5 million;
- The rights issue was oversubscribed by 15% taking into account aggregate applications received (inclusive of applications for additional shares received under the oversubscription facility).
Scott Technology will allocate all shortfall shares to applicants for additional shares in accordance with the terms of the oversubscription facility. The new shares are expected to be issued on 4 August 2011, with shareholder statements to be dispatched shortly thereafter.