A $5 million Share Purchase Plan (SPP) from Turners Automotive Group has been oversubscribed by 182%, the company has announced.
More than $14 million of interest was put forward, with a final share price of $3.02 offered.
It is the same price paid by investors in Turners equity placement completed on September 19.
“Turners is delighted with the level of demand, both for the September 2017 placement and for the current SPP, and the endorsement by our shareholders of the growth plans for the business.”
Turners will now scale back all applications on a proportionate basis by reference to the size of existing shareholdings and note holdings held at the time of allotments.
The SPP is the last step in a $30 million capital raising effort, which will be used to fund opportunities including strategic dealer and property acquisitions.
