Gentrack launches NZ$90m entitlement offer

Company News

by Anna Napoli

Software company, Gentrack (ASX:GTK) has announced it intends to raise around NZ$90 million of new equity through an entitlement offer.

The company is raising capital to fund its NZ$44 million dollar acquisition of Evolve Parent and Evolve Analytics which was announced last month.

Under the offer eligible shareholders are entitled to one new share for every 5.77 existing shares at the time of the offer.

Gentrack provides essential software services to help utilities and airports lower costs and has completed four acquisitions since March 2017.

Shares in Gentrack (ASX:GTK) closed closed flat at $6.40 yesterday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.