Zenith recovers from large shortfall

Zenith Energy has raised $4.8 million via a shortfall placement, having raised just $220,000 in a share purchase plan last month.

In addition to a $25 million placement announced in May, Zenith announced it would undertake a $5 million share purchase plan at an offer price of 58 cents per share.

However, on June 20, the share purchase plan closed well short of the maximum.

Euroz acted as lead manager and bookrunner to the shortfall placement.

Earlier this week, QIC made a $422 million bid for Zenith’s competitor Pacific Energy, which sent Zenith’s price up nearly 10 per cent to 64 cents, where it remains today.

If Pacific is acquired, Zenith will be the last ASX-listed company that specialises in remote minesite power stations.