Redflex completes $9.4m institutional entitlement offer

Company News

by Kathy Skantzos

Traffic systems supplier Redflex (ASX:RDF) has successfully completed an institutional entitlement offer of $9.4 million, with strong support from existing eligible institutional shareholders.

The company’s retail entitlement offer which will open on 22 November 2017 is expected to raise approximately $7 million, bringing the total capital raise to $16.4 million.

The funds will be used to invest in the development of technology, new products and services.

The company said it has also identified a solid global sales pipeline for potential opportunities which the company will be in a position to pursue with the added finances.

The new fully paid ordinary shares of the institutional entitlement offer will be issued at the price of $0.44 per new share on 23 November 2017.

Shares in Redflex (ASX:RDF) is trading 8.88 per cent lower to 50 cents. 

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.