Acrow Ltd Completes Share Purchase Plan
Key points
- Successful completion of Share Purchase Plan (SPP)
- $16 million raised, exceeding the underwritten amount
- Funds to be used for debt repayment
- New shares to be issued on July 23, 2026
- Tranche 2 of Placement pending shareholder approval
Full summary
Acrow Ltd has successfully completed its Share Purchase Plan (SPP), raising $16 million from approximately 1,500 eligible shareholders, significantly exceeding the underwritten amount of $10 million. The SPP was fully underwritten by Morgans Corporate Limited and Shaw and Partners Limited. The Board exercised its discretion to accept $16 million in SPP applications, $6 million above the underwritten amount. The additional funds will be applied to further debt repayment, strengthening the Company's balance sheet. Approximately 18.8 million new fully paid ordinary shares will be issued at an issue price of $0.85 per share. Trading of the new securities is expected to commence on Monday, 27 July 2026. Tranche 2 of the Placement remains subject to shareholder approval, which will be sought at the Company's Extraordinary General Meeting on Wednesday, 29 July 2026.
Outlook
Acrow Ltd anticipates continued balance sheet strengthening and efficient project delivery through its national network and local expertise.
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