Mermaid Marine Australia Ltd
(ASX:MRM) is set to raise around $30 million to fund growth opportunities.
The marine services provider says it will undertake a placement of new shares to institutional investors.
Proceeds raised will allow the company to pursue opportunities in the oil and gas vessel support market both in Australia and internationally.
The non-underwritten placement will be conducted through a bookbuild from a base price of $2.58 per share, resulting in a maximum issue of around 11.6 million new ordinary shares, which is 6.2 per cent of the company’s existing issued share capital. New shares are expected to start trading on 1 November.
Mermaid Marine has also announced its plans to offer eligible shareholders a share purchase plan allowing them to purchase up to $15,000 in new shares.
Mermaid Marine Australia boosted its fiscal 2010 profit by 43% to $37.9 million.
