SHAREHOLDERS HAPPY TO FUND CTD EXPANSION

SHAREHOLDERS HAPPY TO FUND CTD EXPANSION

SHAREHOLDERS of Corporate Travel Management (ASX: CTD) have backed the company’s expansion plans with their hard-earned dollars, with 97.71 per cent taking up the option to buy shares in the company’s capital raising offer.

CTD announced a four for 27 renounceable rights issue for ordinary shares in CTD on November 20, at a price of $4.60 to raise approximately A$53.3 million to fund its acquisition of Westminster Travel.

The company received valid applications under the Entitlement Offer for approximately 11,328,836 shares (approximately $52.1m).
This represents about 97.71% of the 11,594,518 new shares offered to eligible shareholders.

The offer was fully underwritten by Morgans, which takes up the shortfall of 265,682 new shares worth $1.2 million.

Managing director Jamie Pherous (pictured) is pleased with the result.

“The acquisiton will fast-track CTM’s entry into the Asian travel market, delivering an immediate and mature footprint in key Asian markets, and provides cross-selling and growth opportunities which will benefit both businesses,” he says.

“We would like to thank shareholders for their continued support.”
The offer closed at 5pm on January 16. The allotment of new shares under the entitlement offer is scheduled to take place on January 24, with trading to commence on January 28.

CTD shares are trading up 0.7 per cent at $5.50 this morning.

Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support

Looking for a credit or charge card that’s built for your business? Try American Express
Partner Content
A good credit card should work for you, not against you, and let you and your business ...
American Express
Advertisement

Related Stories

Mandatory COVID isolation to end nationally mid-October

Mandatory COVID isolation to end nationally mid-October

National Cabinet has today determined that mandatory isolation peri...

Sunset on the horizon in 2023 for developer Sunland

Sunset on the horizon in 2023 for developer Sunland

A developer behind some of the Gold Coast's most iconic buildin...

Tritium teams up with JET Charge to create world’s longest EV highway in WA

Tritium teams up with JET Charge to create world’s longest EV highway in WA

Brisbane-based electric vehicle charger group Tritium DCFC (NASDAQ:...

E-commerce aggregator Una Brands closes $45m Series B

E-commerce aggregator Una Brands closes $45m Series B

E-commerce company Una Brands has today announced it has raised $45...