Carnegie rights issue scrapes through

23/09/2019 - 15:16

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Carnegie Clean Energy has reached the minimum of $5.5 million from its rights issue, but announced a shortfall of around $6 million, as the collapsed wave power company inches closer to recapitalisation and relisting on the ASX.

Carnegie rights issue scrapes through
Carnegie went into administration in March.

Carnegie Clean Energy has reached the minimum of $5.5 million from its rights issue, but announced a shortfall of around $6 million, as the collapsed wave power company inches closer to recapitalisation and relisting on the ASX.

In a statement to the ASX, Carnegie said it had received applications for around 5.5 million shares, thereby reaching the minimum $5.5 million threshold, but with a shortfall of 6.03 million shares.

The rights issue was for four new shares for every one share held, at a price of 0.1 cents per share.

Following the rights issue, the company said it would advise shareholders on the progress of the recapitalisation proposal and reinstatement of its securities to official quotation on the ASX.

Carnegie chief executive Jonathan Fievez said the company was acutely focused on progressing its CETO wave energy technology.

“We will continue to work hard over the coming weeks to complete the final requirements for reinstatement to quotation on the ASX and will advise shareholders of our progress in the coming week,” he said.

Earlier this month, Carnegie issued a supplementary prospectus that toned down some of the key claims it made to investors only six weeks prior.

Carnegie went into administration in March.

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