BPS Technology (ASX: BPS) Raises $9.8 Million

KEY TAKEAWAYS:

  • BPS Technology Ltd (ASX: BPS)  announces the completed placement of 21.8 million of fully paid ordinary shares at $0.45.
  • The placement was oversubscribed.
  • SPP opens to all shareholders to increase their equity involvement.

BPS Technology Ltd (ASX: BPS) has formally declared its successful placement that completed at 21.8 million fully paid ordinary shares at $0.45 per share to institutional and sophisticated investors, raising to the Placement of $9,818,100. The Placement was significantly oversubscribed.

While the Placement availability to institutional and sophisticated investors only, the BPS Board offered all shareholders the opportunity to increase their equity involvement in BPS via a shareholder purchase plan (SPP) with a goal of elevating up to a further $2 million maximum. 

On November 22, 2017, the SPP will be available to shareholders who are on BPS’s register and owning a duly registered address in Australia or New Zealand.

“The SPP entitles Eligible Shareholders the option to acquire up to $15,000 amount of ordinary shares in BPS (New Shares) at an issue price of $0.45 per New Share. No brokerage or other charges will apply to New shares acquired under the SPP, All BPS shares including Shares issued under the Placement will be entitled to a proposed final FY17 dividend of 2.25 cents per share, details of which are set out in BPS’s announcement to the ASX dated 16 November 2017. The indicative Record Date for that dividend will be on or before 15 December 2017 with an indicative Payment Date on before 10 January 2018”.

The funds raised from both the PLacement and SPP will be utilised as a provision of additional working capital substituting the funds worn to retire the $5 million convertible note last August 2017 and all correlated costs as clinched by the Board.

Should such Shareholders decide to participate in the SPP, an application must be forwarded on or before the closing date of December 13, 2017, Wednesday at 5:00 PM (Sydney time).

About BPS Technology Ltd

BPS Technology Limited (ASX: BPS) provides technology and payment platforms centred on SME’s.

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