MACA completes capital raise for Downer buy
PERTH (miningweekly.com) – Mining services provider MACA has raised A$15.5-million following the completion of the retail component of its 1-for-8 renounceable entitlement offer.
MACA in December announced plans to raise A$75-million through a fully underwritten institutional placement and an accelerated pro rata non-renounceable entitlement offer, to partly fund the A$175-million buy of fellow listed Downer EDI’s Mining West business unit.
The retail component was initially set to raise some A$15-million, with the institutional component of the entitlement offer to raise A$19-million, with the entitlement offer priced at A$1.02 a share.
MACA said on Monday that valid applications for some 12.23-million shares were received from eligible retail shareholders, representing some A$12.5-million in proceeds, with the shortfall to be allocated to the underwriter.
Some A$15.5-million raised from the retail entitlement offer, combined with the A$18.7-million raised from the institutional component of the entitlement offer, along with the A$41-million raised from the institutional placement, brings total equity capital raised to A$75.2-million.
“The equity capital raising supports the acquisition of the Downer Mining West business, providing MACA with a very meaningful addition of a large scale mining fleet that is currently engaged across four long-life projects, all with quality customers that are well known to me and other key members of the MACA management team,” said CEO and MD Mike Sutton.
“MACA remains very active with its tendering activities and is well placed to pursue a significant number of opportunities across both current and new projects.”
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