Completes Oversubscribed A$4.5 Million Institutional Placement
Sydney, May 24, 2016 AEST (ABN Newswire) - Brand Protection and Customer Engagement solutions company YPB Group Limited (
ASX:YPB) has successfully undertaken an institutional placement of new fully paid ordinary shares to raise A$4.5 million.
- Placement of 18.75 million new ordinary shares at $0.24 per share
- Excellent demand from new and existing shareholders
- Six new institutions join the register
- Capital raised to fund acceleration of business development and product R&D
The placement was strongly supported by new and existing investors, with the addition of six new institutions to the register.
Under the placement, YPB will issue 18.75 million new ordinary shares at a price of $0.24 per share.
Net proceeds from the placement will be used to accelerate conversion of YPB's substantial new business opportunity pipeline into recurring revenues, expand into new markets and partnerships, and further enhance its solutions suite via R&D.
YPB Executive Chairman John Houston said: "We are delighted with the results of this placement and thank existing and new shareholders for their strong support. Having six new institutions recognise and back YPB's potential is testament to the company's maturation since listing. Our short-term goal is very clear, achieving profit breakeven by Q1 2017 and $5m pre-tax profit for FY2017. Our longer term goal is just as clear, to create substantial shareholder wealth by building a global franchise in Anti-Counterfeit, Customer Engagement and Government Vital Documents solutions. We are intently focused on effective execution and delivery of our goals and ensuring shareholders' support is well rewarded."
Settlement of the placement is scheduled for Friday 27 May 2016 with allocation and issuing of the new shares expected on Monday 30 May 2016. The placement shares will rank equally with existing shares on issue.
The trading halt in place since Friday 20 May 2016 will be lifted from the commencement of trading today.
Moelis Australia Advisory Pty Ltd acted as sole lead manager and bookrunner for the placement.
To view the Institutional Placement presentation, please visit:
http://www.abnnewswire.net/lnk/S5UN9643
About YPB Group Ltd
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