Iress (ASX:IRE) completes $150 million placement

Company News

by Rachael Jones

Iress (ASX:IRE) has successfully completed a $150 million fully underwritten placement of approximately 14.4 million new fully paid ordinary shares to institutional and sophisticated investors at a price of $10.42 per Placement Share.

Iress chief executive, Andrew Walsh, said: “The proceeds of the Placement will be used to further strengthen Iress’ balance sheet, provide flexibility to respond to opportunities in the current environment, and to partly fund the proposed acquisition of OneVue announced yesterday.”

Iress shares are expected to resume trading today, Tuesday, 2 June 2020.

The Placement Shares are expected to settle on Thursday, 4 June 2020, and be issued and start trading on the ASX on a normal basis on Friday, 5 June 2020.

The Placement Shares issued represent approximately 8.2 per cent of Iress’ existing shares on issue.

Shares in Iress (ASX:IRE) are trading 4.5 per cent lower at $10.71.