04/04/2011 - 11:50

Matrix launches $36m raising

04/04/2011 - 11:50

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Matrix Composites and Engineering has announced it will raise $36 million through an institutional placement and share purchase plan.

Matrix launches $36m raising

Matrix Composites and Engineering has announced it will raise $36 million through an institutional placement and share purchase plan.

The placement, which Matrix said had been heavily oversubscribed, saw the company issue 3.55 million shares at $8.50 per share to raise $30.1 million.

Matrix said it would raise an additional $6 million through a share purchase plan, also at $8.50 per share.

Austock Securities acted as sole bookrunner and sole lead manager.

The funds raised from the placement and purchase plan will be used for property development, specifically Matrix's Henderson headquarters, expansion of overseas facilities, and general corporate and capital expenditure.

Matrix chief executive Aaron Begley said the company was delighted with the strong support shown for the placement.

"The level of oversubscriptions is an endorsement of Matrix's growth strategy," Mr Begley said in a statement.

At 11:47AM (WST) Matrix shares had slipped 2.8 per cent, and were trading at $8.90.

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