NRW Holdings (ASX: NWH) advises that its share purchase plan offer dated 6 December 2019 closed on 2 January 2020. The SPP raised $10m (before costs), which was the maximum amount sought to be raised by the SPP, at an issue price of $2.85 per new share.
A total of 3,508,659 new fully paid ordinary shares will be issued and allotted on 8 January 2020. The new shares are expected to commence trading on 9 January 2020. The SPP was oversubscribed and this resulted in applications being scaled back.
The Company advises that, in accordance with clause 10 of the terms and conditions of the SPP, the following methodology was implemented by the Company, in conjunction with its Share Registry, in relation to the scaling back of applications for shares under the SPP.
There was a total of 1,551 valid applications received, of which 55% applied for the maximum amount (being $15,000, equivalent to 5,263 shares).
• Any holding that constituted an unmarketable parcel as at the Record Date for the SPP was excluded. There were 218 registered shareholder applicants in this category, including 163 registered applicants who held one share.
• Eligible applicants (above the unmarketable parcel threshold) received approximately 64% of their application amount. In accordance with the terms and conditions of the SPP, excess funds totalling $10.9m will be returned to the respective applicants without interest.
