SECOS Group raises $419,000 in share purchase plan and placement
What's the deal? SECOS GroupDealroom has a profile for this one. Try Dealroom → (ASX: MCO), an Australian eco-products company, has raised US$391.5K (roughly $419,000) through a share purchase plan (SPP) and a placement to sophisticated investors. Both tranches were priced at US$0.01 per share, a 10% discount to the five-day volume weighted average price.
How it breaks down: Eligible shareholders subscribed for US$179.2K under the SPP, while the placement drew firm commitments of US$212.2K before costs. The raising adds 35,571,667 new shares to the company's capital base.
Director participation: Non-executive directors Don Haller Jnr and Jim WalshDealroom has a profile for this one. Try Dealroom → subscribed under the placement, committing to 8,851,513 and 588,236 shares respectively. Both subscriptions require shareholder approval at the company's upcoming annual general meeting.
What's the money for? SECOS, which manufactures environmentally focused household products, said proceeds would go toward growing council and waste management sales, broadening retail distribution, and expanding into additional eco-home categories.
What's next? The company will issue SPP shares on October 19, with trading from October 20; placement shares follow on October 21, trading from October 22. The director subscriptions await approval at the AGM, which has no set date.
Chief executive officer Marie de Perthuis said the company welcomed new investors and thanked shareholders for their "continuing support."
The signal: The US$391.5K total fell well short of the US$970.6K maximum SECOS flagged when launching the SPP in late September, and final pricing landed below the US$0.01 cap set for the plan. For a small-cap pursuing growth across municipal and retail channels, directors buying in offers a measure of confidence even as the raise came in light.
Read more: themarketfloor.news
Image credit: chaf.haddad
