SCEE Completes $150m Placement, Offers SPP
Key points
- Completed $150m placement at $4.00 per share
- Strong support from existing and new investors
- Funds to support growth and acquisitions
Full summary
Southern Cross Electrical Engineering Limited (ASX: SXE) has successfully completed its fully underwritten Institutional Placement, raising $150m by issuing 37.5m shares at $4.00 each. The placement saw robust support from both existing shareholders and new investors, pricing at the top of the bookbuild range. The proceeds will be used for working capital, new project awards, and potential acquisition opportunities for geographic diversification and new capabilities. Additionally, a non-underwritten Share Purchase Plan targeting up to $15m will be offered to eligible shareholders.
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