Small cap duo raising for acquisitions News08 Feb 2021

Small cap fundies were being kept busy on Monday morning, with a couple of raisings to fund acquisitions landing on their desks.

First cab off the rank was verification services business CV Check, which was tapping the market for $10.5 million to acquire workforce management software company Bright People Technologies.

The new shares were being offered to funds at 16.5¢ each and CV Check would buy the business for about $15.5 million – roughly $12.5 million of which would be payable in CV Check shares upon completion.

Shaw and Partners and Ashanti Capital were lead manager on the deal.

Money raised would be used to fund the acquisition, as well as integration costs and to cover Bright People Technologies’ net debt repayments.

Meanwhile, listed oil and gas explorer Stonehorse Energy was also hunting some cash to fund its acquisition of interests in some oil and gas well bores in the United States.


The company was looking for as much as $5 million in fresh capital on Monday morning, and had EverBlu Capital in its corner helping it stitch together the deal.

New shares in the placement were being offered to funds at 2¢ each, which represented a 24.5 per cent discount to Stonehorse’s 15-day VWAP, and a 9.1 per cent discount to its last close.

Funds were told they would receive an option for every two placement share, which would expire in two years and come with a 4¢ strike price.

Money raised would go towards the “acquisition of an interest in oil and gas well bore interests located in Oklahoma, USA,” the term sheet said. The rest of the cash would be used for working capital.


Article source: AFR, 8 February 2021

Related Articles
News06 May 2021 Shaw and Partners Atlantic Crew charity dinner at North Bondi Surf Life Saving Club
A great night held at North Bondi Surf Life Saving Club last night supporting the Shaw and Partners Atlantic Crew (Sam Horsley, James Samuels, Rob Wells and Louis Hugh-Jones).    ... Read More
News05 May 2021 Private Wealth Adviser/Dealers Assistants positions at Shaw and Partners
Working as an integral part of our Adelaide Office Team, the primary role is to assist a team of experienced and successful Senior Investment Advisers. Duties include but are not l... Read More
News04 May 2021 Shaw and Partners appointed Co-Lead Manager to Aurora Healthcare IPO
Specialist healthcare provider Aurora Healthcare is seeking to raise up to $414.8 million at 19.7-times profit for its initial public offering.   Brokers Bank of America and UBS ... Read More
News28 Apr 2021 Shaw and Partners Brand Ambassadors Ali Day and Georgia Miller win the Australian Surf Life Saving Iron Titles
This year over 8,000 members from Australia’s 315 Surf Clubs came together to compete in more than 480 beach and ocean events at the Australian Surf Life Saving Championships held ... Read More
A - Z  % Change  
{{data.Symbol}} {{data.CompanyName}} {{data.Close}} {{data.AsAt | date :'shortTime'}} {{data.Movement | number : 2}} {{data.MovementPercent | number: 2}}%