Nedlands-based information and technology company ISS Group Ltd has raised $2.1 million to support its expansion into the American and British markets, vidicating its move to go to the market after a share purchase plan fell short of its target.
The company had received applications from existing shareholders under a share purchase plan for just 2.9 million shares, raising $553,000, before a short-form prospectus was issued.
The full text of a company announcement is pasted below
ISS Group Ltd wishes to advise that all shares available under the company's Share Purchase Plan and subsequent short-fall Prospectus have been placed and allotted.
The company placed a total of 11,100,000 shares for proceeds of $2,109,000 (19 cents per share). Applications for the shortfall shares resulted in a scaling back of applications. Accordingly, refund cheques together with allotment details have been forwarded to participating shareholders.
Given the strong demand for shares and the increase in the company's share price, the directors determined that it was appropriate for shareholders to be given first opportunity to participate in the shortfall. As a result of excess demand, this resulted in the directors not receiving any allocation of the shortfall shares.
On behalf of all of the board I wish to thank all participating shareholders for their continued support and confidence. ISS Group Ltd has a very strong working capital position and this will greatly assist us as we participate in larger projects with larger partners in 2007.
