Approximately 10.4 million new fully paid ordinary shares in MNF will be issued under the Capital Raising at an issue price of $5.00 per share, which represents a 5.7% discount to the closing price of MNF shares on 31 October 2019. New shares issued under the Capital Raising will rank equally with existing MNF shares.
The proceeds of the Capital Raising will allow the company to pay down bank debt, become net cash positive and strengthen the balance sheet, enabling the company to accelerate its regional expansion strategy in the near to medium term.
Settlement of the Capital Raising is scheduled to take place on Monday, 11 November 2019, with allotment and quotation of shares expected to occur on the ASX on Tuesday, 12 November 2019.
Canaccord Genuity (Australia) Limited acted as Lead Manager to the Capital Raising.
About MNF Group Ltd
MNF Group Limited (ASX:MNF) is one of Asia-Pacific's fastest growing technology companies. Listed on the ASX since 2006, it is now capitalised at around $350M, and twice winner of the Forbes Asia-Pacific "Best under a Billion" award. Headquartered in Sydney, Australia, the company has over 500 people located across Asia-Pacific, Europe and North America. MNF develops and operates a global communications network and software suite enabling some of the world's leading innovators to deliver new-generation communications solutions.
As the world moves to IP, MNF Group is building the brands, services, network and technology to lead the way.
For further information about MNF Group Limited please visit: http://mnfgroup.limited/
Executive Assistant to CEO / CTO
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