The raising is via the placement of 14.71 million shares at 34 cents to the “institutional and sophisticated clients” of Tolhurst Noall Ltd and Bell Potter Securities Ltd and introducing a share purchase plan (SPP) to allow current shareholders to snap up to $5,000 worth of company shares.

In a statement the company said, “The SPP offers each [Australian and New Zealand] shareholder … at 12 November … not less than $1,000 worth of fully paid ordinary shares and, up to a maximum of approximately $5,000 worth of fully paid ordinary shares, ranking equally with the existing fully paid ordinary shares, at the discounted issue price.”

“A maximum of 5.88 million shares is being made available to shareholders under the SPP [and] in the event that applications for more than 5.88 million shares are received, applications will be scaled back by the Company. The offer is non-renounceable,” added the firm.