Alliance Aviation Services raises $33M in equity offer
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- Alliance Aviation Services completes the institutional component of its equity raising, securing roughly $33 million.
- The new shares were priced at $0.70 each, while existing shares last traded at $0.90 prior to the announcement.
- The capital raise serves as a primary driver to fund the company’s broader operational turnaround programme.
Alliance Aviation Services (ASX:AQZ) has secured approximately $33 million through an institutional placement and entitlement offer to support its operational strategy.
The institutional component saw a 95.8% take-up rate from eligible institutional investors, offering new shares at a fixed price of $0.70.
The company issued new ordinary shares that will rank equally with existing stock, with settlement scheduled for Sept. 4.
Following the announcement, the Alliance Aviation Services share price was unchanged at $0.90.
The capital raise forms part of a larger A$40 million equity raising initiative launched on Aug. 26.
The aviation provider expects normal share trading to recommence on Aug. 28, after completing ASX procedural requirements.
