Pinnacle Investment Management (ASX:PNI) has announced the completion of its institutional placement to raise $60 million through the issue of around 10.9 million new shares.
The issue price of $5.50 represents a 3 per cent discount to the closing price of $5.67 on the 23rd of July.
The placement was undertaken to fund the acquisition of a 35 per cent stake in Metrics Credit Partners and a 40 per cent stake in Omega Global Investors, as well as to provide funding for additional growth initiatives.
The company says the placement was oversubscribed and received strong support from existing institutional as well as new institutional shareholders.
Shares Pinnacle Investment Management Group (ASX:PNI) up 10.93 per cent to $6.29