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.
“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
