MAAS GROUP HOLDINGS LIMITED (ASX:MGH) Completes Successful Placement
Placement Overview
MAAS Group Holdings Limited (ASX: MGH) has successfully completed a placement, raising $140 million to support three strategic acquisitions. This amount was increased from the initial $128 million due to high demand from both existing and new institutional shareholders. The placement was priced at $4.65 per share, a 1.1% premium to the last traded price.
Share Purchase Plan
MGH will also offer an underwritten Share Purchase Plan (SPP) to eligible shareholders, aiming to raise an additional $10 million. Eligible shareholders can acquire shares up to $30,000 at the SPP Offer Price, which is set at $4.65 or a 2.0% discount to the 5-day VWAP of MGH shares. The SPP will open for applications on 3 December 2024.
Use of Funds
The proceeds from the placement and SPP will partially fund the acquisition of three construction materials businesses, enhancing MGH’s financial capacity for growth and future acquisitions.
Executive Comments
Wes Maas, Managing Director and CEO of MAAS Group Holdings, expressed satisfaction with the strong support received from shareholders. He stated, “The successful completion of the Placement will allow us further runway to continue to execute on our growth and acquisition initiatives.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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