Transport and logistics business CTI Logistics
(ASX:CLX) has placed a shortfall in the company’s dividend reinvestment plan, raising $1.1 million through the issue of additional shares.
More than a million shares (1.05 million) have been invested at the price of $1.07 per share.
The placement has been taken up by institutional and sophisticated investors of Perth-based investor Argonaut
The company’s board said the reinvestment plan is consistent with its strategy, maintains CTI’s financial position to take up new growth projects.
CTI announced last month that it acquired Jayde Transport, a national road and rail transport and warehousing business, for $6.5 million.
Shares in CTI Logistics (ASX:CLX last closed 0.93 per cent lower to $1.07.
