Up to 8.3 million ordinary shares will initially be offered at $1.785 per share (just under $15 million in total), but the company has the option to increase the number of shares.
The placement, which was unanimously supported by WAM directors, will be coordinated through the ASX BookBuild Facility under lead manager stockbroking firm Taylor Collison. It is the first placement to use the facility, WAM stated.
The firm is not receiving a fee for conducting the placement but brokers may charge brokerage in relation to the purchase of shares in WAM Capital, the company stated.
“The new ASX BookBuild Facility is an innovative platform providing a simple and effective method for accessing capital markets,” WAM Capital chairman Geoff Wilson said in a statement.
WAM said the funds raised would be invested “in accordance with the company's disciplined and proven investment process”.
“We will maintain our focus on investing in undervalued growth companies that have strong earnings, trade on low price to earnings multiples, have an experienced management team and are well positioned in their industry,” said Mr Wilson.
To participate, investors must have signed a once-off client agreement to participate in the ASX BookBuild Facility through their broker or adviser, WAM stated.
The offer opened at 10am yesterday (Monday 14 October) and could close at any time after midday (AEST) today (Tuesday 15 October 2013), with settlement to occur four days after the offer closes.
WAM yesterday requested a trading halt to remain in place until the conclusion of the placement or until the commencement of trade on Wednesday 16 October, whichever occurs sooner.
