Vinyl Group Ltd (ASX: VNL) Completes Retail Entitlements Offer
Successful Fundraising
Vinyl Group Ltd (ASX: VNL) has successfully completed its retail entitlements offer, raising approximately $7.65 million. The offer received strong support from shareholders and was fully underwritten by Peloton Capital.
Use of Funds
The funds raised will facilitate the acquisition of Concrete Playground Pty Ltd and will strengthen cash reserves for previous acquisitions and additional working capital. The retail component of the offer closed on 15 January 2025, contributing to the overall fundraising efforts.
Details of the Offer
The retail entitlement offer raised around $1.4 million with applications for 1.4 million New Shares. Additionally, a shortfall of approximately 32.4 million New Shares, valued at about $3.2 million, will be issued as part of the underwriting agreement. The total funds raised, inclusive of the earlier institutional offer, equals approximately $7.65 million before costs.
Trading Information
New Shares issued under the entitlement offer will be allotted on 21 January 2025 and are set to commence trading on a normal settlement basis on 22 January 2025. These shares will rank equally with existing fully paid shares.
Executive Comments
Josh Simons, CEO and Director of Vinyl Group, stated, “The take up of the Offer by 58% of existing shareholders continues to validate the shareholder support in our strategy. We have built a strong portfolio of properties that will enable us to deliver amazing value for our customers whilst cementing our path to profitability.”
Motley Fool contributor Abbie Stokes 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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