Argonaut has been successful in the Placement of A$30M (before issue costs) for Austin Engineering Limited (ASX:ANG) ("Austin") via a Placement to Institutional and Sophisticated Investors of approximately 9.375 million new ordinary shares at an issue price of A$3.20 per share, together with joint lead manager, Bell Potter Securities. Argonaut congratulates Austin on the raising which was significantly oversubscribed and undertaken at a premium to the prevailing share price.
Austin will be raising an additional A$5M via a Share Purchase Plan ("SPP") to existing shareholders at the same price as the Placement during January 2014. The proceeds from the Placement and SPP will be used to fund Austins South American expansion initiatives including the residual payment for the Servigrut business, a new manufacturing capability in Peru and potential acquisitions beong considered in Brazil.
Argonaut is delighted to be involved with Austin which continues our long term association with the company.
Additional information regarding the Company and the Placement can be found on the Company's website at www.austineng.com.au