Share placement with Strong Institutional Support
Sydney, Oct 15, 2015 AEST (ABN Newswire) - Story-I Ltd (
ASX:SRY) has successfully raised $1,080,000 (before costs) in a fully subscribed placement of shares with strong support from institutional and sophisticated investors.
Sequoia Wealth Management acted as Lead Manager to the placement.
The issue price under the placement of 6 cents per share represents a discount of 15.96% to the 30 day VWAP. The Placement shares will be issued within the company's 15% placement capacity under ASX Listing Rule 7.1.
The proceeds from the placement will predominantly be used to roll out new stores, grow Story-i's e-commerce platform and working capital.
Commenting on the successful capital raising, Story-I's Non-Executive Director, Michael Pixley, said: "We are now in a strong position to build upon our already significant position in the ASEAN high-end electronic market. We are also very pleased with the interest we received for the capital raising, and we welcome new shareholders to the register."
About Story-I Ltd
Story-i Ltd (ASX:SRY); Singapore incorporated Story-I Pte Ltd operates 14 Apple and related stores in Indonesia through its 95% owned subsidiary PT Inetindo Infocom. The Indonesian operations are structured with Story-i branded stores retailing Apple products and accessories, iConnect retailing Samsung and Lenovo phones, computers and lifestyle accessories, and GeekZone providing software, equipment servicing and apps.
Story-i is an Apple Authorised Reseller and GeekZone is an Apple Authorised Service Provider, both located in Indonesia. Story-i is leveraged to the strongly growing affluent consumer population in Indonesia. This demographic shift and the well documented propensity towards mobile phones, personal computers and associated lifestyle accessories underpins the strong demand for Story-i's products. Story-i is following an aggressive growth strategy by organically growing store locations strongly while at the same time greatly extending its consumer reach with its recently launched online and application strategy.
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