Financial services firm Count (ASX:CUP) finalised a $35.9 million fully underwritten institutional placement, marking a pivotal step in its expansion strategy.
The capital raise involved the issuance of approximately 34.2 million new ordinary shares at an offer price of $1.05 per share.
The pricing represents a 7.5% discount to the company’s closing price of $1.135 on March 30.
The placement saw robust demand from both fresh institutional faces and long-term shareholders.
The primary objective of this injection of funds is to facilitate the 100% acquisition of the Oracle Group, encompassing its advisory, accounting, and investment management arms.
While the acquisition remains subject to customary conditions, including ACCC approval, completion is anticipated by late H1 FY26.
Count CEO Hugh Humphrey expressed optimism regarding the deal, noting that the strategic integration of Oracle Group would unlock significant value for clients and shareholders alike.
Further demonstrating internal conviction, several company directors have committed to subscribing for an additional $315,000 worth of shares under the same terms, pending shareholder approval.
Beyond the institutional level, Count is launching a share purchase plan next week to raise up to an additional $5 million from eligible retail investors.
Settlement for the placement shares is scheduled for April 8, with normal trading expected to commence the following day.
At the time of reporting, Count's share price was $1.11.