Smartpay: Raises $13M to strengthen balance sheet
- IT service management company Smartpay (SMP) has raised $13 million and will use the money to strengthen its balance sheet
- The money raised will also used to capitalise on growth in both Australia and New Zealand
- The shares are expected to settle on May 27 and then allocated on May 28
- More than 30 million new fully-paid shares will issued to institutional, professional and sophisticated investors at a price of 42 cents each
- As well as the placement, Smartpay intends to complete a share purchase plan and more information regarding that will released next week
- Company shares are down 10.7 per cent at market close and are trading for 46.5 cents each
