Dicker Data (ASX:DDR) completes $50M placement

Company News

by Katrina Bullock

Infotech product distributor, Dicker Data (ASX:DDR) has successfully completed its $50 million institutional placement.

Under the placement, 7.5 million new shares will be issued at $6.70 per share.

That represents a 6.7 per cent discount to the closing price on Wednesday and a 4.6 per cent discount to the 5-day volume weighted average price.

The proceeds of the raising will be used to partially fund construction of Dicker Data’s new distribution centre and to bolster Dicker Data Financial Services.

Dicker Data shares are expected to resume normal trading on the ASX today.

Shares in Dicker Data (ASX:DDR) are trading 2.37 per cent lower at $7.01.