Southern Cross Electrical Engineering Completes AU$15 Million Share Purchase Plan

MT Newswires Live07-13 07:36

Southern Cross Electrical Engineering (ASX:SXE) completed its share purchase plan (SPP), raising the targeted AU$15 million through the issue of 3.8 million new shares priced at AU$4 each, according to a Monday filing with the Australian bourse.

The SPP was heavily oversubscribed, attracting AU$51 million in applications from 2,158 eligible shareholders, representing a 31% participation rate, per the filing.

The company said that due to excess demand, allocations were scaled back on a pro rata basis in accordance with the SPP terms.

The new shares will be issued on Tuesday, start trading on the Australian Securities Exchange on Wednesday, and holding statements along with scale-back refunds are expected to be processed by Friday, the filing added.

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