Plexure Group aims to start trading on ASX on 25 November

Plexure Group aims to start trading on ASX on 25 November

A successful NZ$32 million placement was a prelude to a secondary listing on the Australian bourse

Phil Norman (Plexure)

Phil Norman (Plexure)

Credit: Supplied

New Zealand-listed mobile engagement software developer Plexure Group aims to start trading on the Australian Securities Exchange (ASX) on 25 November under ticker PX1.

Plexure announced on 13 November that it had successfully closed the bookbuild for an approximately NZ$32 million underwritten placement, conditional on the success of Plexure’s application for an ASX foreign exempt listing. 

If Plexure’s application was successful, completion of the placement was expected to occur on or around 24 November 2020 and trading on the ASX to start on the 25th.

The placement, which was fully subscribed at the offer price of NZ$1.20 a share, represented a discount of 23 per cent to the last close of NZ$1.55 and 20 per cent discount to the volume weighted average price over the preceding ten business days of NZ$1.50.

The new capital will provide the funding the company needs to expand international operations, accelerate product development, and further enhance its technology platform," said Plexure chair Phil Norman.

Norman said Plexure viewed the support received as a clear endorsement of the company's growth strategy.

Plexure was also undertaking a NZ$5 million share purchase plan to enable NZ shareholders to participate. That opened today and closes on 24 November at 5 pm NZ time, but those dates are subject to change.

Key customer and shareholder McDonald’s was to participate in the placement to maintain its current 9.9 per cent shareholding, Plexure told shareholders earlier this week.

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