Atturra Limited (ASX) has announced the successful completion of Tranche 1 of its capital raising Placement. This milestone was upsized to raise approximately $30.8 million (before costs) through the issue of 29,380,230 new fully paid ordinary shares at an issue price of A$1.05 per share.
The issue price reflects a 4.5% discount to the last closing price of $1.10 on 12 November 2024 and a 5.6% discount to the 5-day VWAP of $1.113. Strong participation from both existing shareholders and new investors underscored the market's confidence in Atturra’s growth strategy.
Strategic Significance of the Capital Raising
Atturra’s CEO and Managing Director, Stephen Kowal, highlighted the importance of this achievement, stating, “This capital raising strengthens our capacity to pursue strategic growth initiatives. It reflects the confidence of institutional shareholders in our commitment to delivering long-term value.”
The capital will enable Atturra to expand its service offerings and seize new growth opportunities across various sectors, further cementing its position as a leading provider of enterprise advisory and IT services in Australia.
Key Dates and Details of Tranche 1 Placement
Settlement of Tranche 1 Placement Shares is expected on 20 November 2024, with allotment and trading commencing on 21 November 2024. The newly issued shares will rank equally with existing fully paid ordinary shares in Atturra and were issued under the company’s placement capacity as per ASX Listing Rule 7.1.
No directors or related parties participated in this tranche of the Placement.
Conditional Tranche 2 Placement Announced
As part of the broader capital raising plan, Atturra also announced details for Tranche 2, which will raise approximately $39.7 million (before costs) through the issue of ~37,762,627 shares. This tranche is subject to shareholder approval and will include participation from entities associated with Director Shan Kanji.
The shareholder meeting to approve Tranche 2 Placement is scheduled for 19 December 2024. Settlement of the Tranche 2 shares is expected by 20 December 2024, with trading to commence on 23 December 2024.
Share Purchase Plan (SPP) Opens Soon
In addition to the Placement, Atturra has launched a Share Purchase Plan (SPP) targeting approximately $6.05 million. Eligible shareholders can apply for up to A$30,000 worth of new shares at the same issue price of A$1.05.
The SPP is scheduled to open on 20 November 2024 and will close on 5 December 2024. Allotment of SPP shares is expected by 11 December 2024, with trading commencing on 12 December 2024.
Outlook for Growth
Atturra remains focused on leveraging the proceeds from the capital raising to drive its growth strategy. By expanding its service offerings and strengthening its presence across various industries, including local government, utilities, and financial services, Atturra aims to deliver sustainable value to its stakeholders.
The company’s innovative solutions and strategic partnerships with global technology providers continue to position it as a leader in the Australian IT sector.
For more details, visit the company website or refer to the SPP Offer Booklet, which will be available to eligible shareholders as per the announced timeline.
