IVE Group Ltd (IVE) is pleased to announce the successful completion of an institutional placement (‘‘Placement’’) to raise $18m, having generated significant interest, and received strong support, from existing investors as well as new institutional investors. Approximately 8.0m new fully paid ordinary shares (‘‘New Shares’’) are expected to be issued under the Placement at $2.25 per New Share (‘‘Placement Price’’), representing a 5.5% discount to the last close price on Friday, 16 September 2022.
Concurrently with the Placement, the Selig Family successfully completed a non-underwritten sell down of 4.5m ordinary IVE shares at the Placement Price.
IVE Executive Chairman, Geoff Selig, said: ‘‘We are delighted with the strong support we received for the placement from our existing and new shareholders. We thank existing shareholders for their continued support and welcome our new investors. We are pleased that investors have recognised the strategic value of the Ovato transaction and will now mobilise to integrate the acquired Ovato assets into IVE’s existing operations to optimise operating leverage and deliver synergies.
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