Southern Cross Electrical Engineering raises $15M

• Southern Cross Electrical Engineering completed its share purchase plan to raise $15 million.
• The offer was oversubscribed with $51 million in valid applications, triggering a scale-back.
• The company stated that the capital raise complements a larger institutional placement strategy.

Southern Cross Electrical Engineering (ASX:SXE) completed a share purchase plan raising $15 million before costs.

The offer received a total of $51 million in applications from 2,158 eligible shareholders.

Because applications exceeded the target, the company implemented a pro rata scale-back for participants.

The initiative will result in the issuance of 3.75 million new fully paid ordinary shares.

Following the announcement, the Southern Cross Electrical Engineering share price was up at $4.39.

The equity raising follows an institutional placement that previously raised $150 million before costs.

The company stated that the new shares are expected to commence trading on July 15.