Kogan’s Share Purchase Plan Oversubscribed, Raises $20m
Kogan.com has successfully raised $20 million through its share purchase plan that was launched in June, surpassing the original target by $5 million.
The company has revealed that the share purchase plan was oversubscribed, with valid applications totalling $115.3 million from 6,793 eligible shareholders. As a result, Kogan.com decided to increase the size of its share purchase plan from $15 million to $20 million.
Because of the amount of applications made, Kogan.com is undertaking a scale back of these applications, by limiting each Eligible Shareholder to an allotment of 13.0125% of the value of their shareholding on the Record Date (using a $11.45 per share price).
This follows Kogan.com’s recent $100-million placement in June, which was also oversubscribed. At the time, the company stated that the added funds from the placement will be used to provide the financial flexibility to act quickly on future value accretive opportunities.
As of 10.20am today, Kogan.com’s share price stood at $16.73.