Pacific Current completes $33M placement

Company News

by Roma Christian

Pacific Current Group Limited (ASX:PAC) has announced the successful completion of a fully underwritten institutional placement, for about $33 million.

The multi-boutique asset management firm says the placement was oversubscribed after yesterday’s launch, and it upsized the transaction in response to investor demand.

Pacific Current Group says the institutional placement will be raised through the issue of about 5.8 million new shares, at a price of $5.65 per share.

The company says shares issued as part of the Institutional Placement will be allotted on 21 June 2017, and will rank equally with existing shares on issue.

Shares in Pacific Current Group Limited (ASX:PAC) are trading 1.65 per cent higher to $6.15.