Company looks to reach target of A$2 billion of cases under management
By Jennifer Chiou
New York, Oct. 29 - IMF (Australia) Ltd.'s board announced plans to issue A$39.1 million of convertible notes through a rights offering and a private placement.
The company intends to go forward with a non-renounceable underwritten 1-for-10 rights issue of 10.25% convertibles with a term of four years.
The notes will be sold at A$1.65 each to raise A$20.1 million in the rights offer.
The concurrent placement of 11,515,152 convertibles will have identical terms and is set to bring in A$19 million.
IMF may call the notes at par plus an early redemption fee of 2% after two years.
The notes will be convertible into an IMF ordinary share at A$1.65 each. The conversion exercise price represents a 12.24% premium to the closing share price on Friday.
Proceeds will allow the company to pursue its goal of increasing its cases under management to a target of A$2 billion.
Based in Sydney, IMF investigates, manages and funds litigation.
| Issuer: | IMF (Australia) Ltd.
|
| Issue: | Convertible notes
|
| Total amount: | A$39.1 million
|
| Maturity: | Four years
|
| Coupon: | 10.25%
|
| Price: | A$1.65
|
| Conversion price: | A$1.65
|
| Call option: | After two years at par plus 2%
|
| Announcement date: | Oct. 29
|
| Stock symbol: | Australia: IMF
|
| Stock price: | A$1.47 at close Oct. 29
|
| Market capitalization: | A$179.15 million
|
|
|
| Rights issue
|
| Amount: | A$20.1 million
|
|
|
| Placement
|
| Amount: | A$19 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
