Stargroup has easily placed the 16% of its stock held by retiring director David Dickinson in an oversubscribed on market book build managed by the company’s Executive Chairman and CEO Todd Zani that raised $1.78m. Stargroup's two major shareholders, Mr Zani and Arthur Ognenis stumped up half a million dollars to support the book build.
Mr Dickinson retired from the board this week, a position he has held since vending his 104 strong ATM machine network into the company late last year.
Mr Zani said “David has assisted greatly with the transition of the 104 ATM sites acquired from his Cash Plus business and in particular the transition of those ATMs away from the CUSCAL switch to our switch, namely Indue Limited. David has an internet of things business, namely VComms, which is rapidly expanding throughout Asia and we wish him well for the future.”
In a show of faith in Stargroup, its two major shareholders, Mr Zani and Arthur Ognenis stumped up half a million dollars in the book build to increase their stakes in the company to 19.65% and 19.3% respectively.
According to Stargroup, the book build, which was done at 2.7c by agreement on market, was heavily oversubscribed and mostly supported by existing top 20 shareholders.
In total, 66,131,895 million shares were crossed representing around 16% of the company’s issued capital and raising around $1.78m to assist with Mr Dickinson’s departure from the board.
Stargroup’s share price has remained steady at 3c.