Corporate Travel Management (ASX:CTD) has completed it’s Institutional Entitlement Offer, raising $262 million.
The offer had an approximate 90 per cent take up at of 18.9 million new shares $13.85 a share.
As disclosed on announcement of the Entitlement Offer, Jamie Pherous, CTM’s founder and Managing Director, did not participate in the Entitlement Offer.
Proceeds of the Entitlement Offer will be used to fund the acquisition of Travel & Transport, a leading North American corporate travel business we reported they were interested in buying yesterday.
Shares in Corporate Travel Management (ASX:CTD) are trading 14.6 per cent higher at $17.99.