Corporate Travel Management (ASX:CTD) completes $262m institutional raising

Company News

by Rachael Jones

Corporate Travel Management (ASX:CTD) has completed it’s Institutional Entitlement Offer, raising $262 million.

The offer had an approximate 90 per cent take up at of 18.9 million new shares $13.85 a share.

As disclosed on announcement of the Entitlement Offer, Jamie Pherous, CTM’s founder and Managing Director, did not participate in the Entitlement Offer.

Proceeds of the Entitlement Offer will be used to fund the acquisition of Travel & Transport, a leading North American corporate travel business we reported they were interested in buying yesterday.

Shares in Corporate Travel Management (ASX:CTD) are trading 14.6 per cent higher at $17.99.

Are you a 708 sophisticated investor?

A sophisticated investor is defined under Section 708 of the Corporations Act (net assets of $2.5 million or annual incomes in excess of $250,000).

They are eligible to receive information regarding wholesale investment opportunities that are not available to regular or retail investors.

Please subscribe if you would like to be alerted to these types of opportunities.