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IVE Group raising $20m after buying Ovato for $16m

A week after acquiring ‘substantially all of the printing and finishing assets’ of Ovato Limited for $16m, ASX-listed printer IVE Group has announced a $20 million capital raising to investors.

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“Following completion of the Ovato transaction, IVE today announces a full underwritten institutional placement to raise approximately $18m and a non-underwritten share purchase plan to raise approximately $2 million (Capital Raising),” IVE told the ASX.

The print and marketing group went into a trading halt on Monday shortly before the announcement.

IVE said: “Importantly, the Capital Raising will:

- Preserve significant balance sheet capacity for IVE to pursue previously announced growth initiatives including further organic initiatives (e.g., Lasoo e-Commerce marketplace);

- Support further opportunistic ‘bolt-on and/or strategic acquisitions (e.g., in the adjacent packaging sector); and

- Will also strengthen and deepen IVE’s institutional shareholder base, increasing liquidity in the market for IGL shares.”

Find more details in IVE’s Investor Presentation

 https://www.ivegroup.com.au