ASX-listed technology distributor, Dicker Data (ASX:DDR), has emerged from its trading halt after successfully raising $45.5 million, covering the cost and integration of Express Data.
The distributor completed an institutional placement to raise $40.25 million and a $10.5 million sell down by founders David Dicker and Fiona Brown. The company has also proposed an underwritten share purchase plan (SPP) to raise a further $5.25 million from existing shareholders.
A total of 23 million shares will be issued at $1.75 per share.
Dicker Data CEO, David Dicker, was very pleased with the result.
“This concludes both our public float and Express Data projects,” he said. “We can now concentrate on driving the company forward.”
Dicker said with the combined $20 million of retained cash from profits the company has made since acquiring Express Data, the $45.5 million raised fully covers the total cost of both the acquisition and integration process ahead of schedule.
Total public ownership of the company now sits at about 30 per cent and net assets have shifted from $29 million to $73 million.
Petra Capital was the sole bookrunner and underwriter to the SPP.
Dicker Data was trading at $2.14 at the time of publication.