Nearmap (ASX:NEA) shares will be placed in a trading halt as the company proposes an equity capital raising by way of an institutional placement.
Nearmap says it anticipates the trading halt will remain in place until the earlier of such time as it makes an announcement to the market in relation to the outcome of the Placement and the commencement of trading on Monday, 10 September 2018.
The Nearmap share price is trading at close to all-time highs, having gained almost 200 per cent in the last 12 months, far our-pacing the 9.5 per cent gain for the ASX 200 index in the same period.
Source: The Capital Club — click here for full NEA chart
Last month Nearmap said the market for aerial imagery data is significant, expanding and global in nature. On that basis, the company expanded its operations into the US, with Nearmap now generating record growth in its subscription portfolio, in excess of that from Australia, which itself experienced near record profit growth.
Nearmap reported revenues jumped 32 per cent to $53.6 million, and the net loss after tax was $11 million as Nearmap continues to invest in its business. No dividends were declared. Nearmap ended the year with approximately $17.5 million in cash and no debt.
Nearmap also recently announced its expansion into New Zealand.