Wholesale telecom operator Vocus Communications (ASX:VOC) has completed a $13.1 million placement to professional investors.
The company has placed nearly 6.6 million shares at $2.00 apiece, and is planning to use the proceeds for working capital and to fund expansion.
The price was a significant discount to the VOC closing price of $2.700 on Thursday, before the company entered a trading halt in preparation for the announcement.
But Vocus said the placement was actually at a 5.5 per cent premium on the weighted average trading price of the past 30 days, and only a slight discount on the five-day and 14-day averages.
The company has also announced a share purchase plan to raise a further $1.9 million, which will be underwritten by Paterson Securities.
VOC shares fell 7.4 per cent to $2.500 on Monday after the halt was lifted.
This ended a streak of share price growth that had lasted for most of March – the shares were trading at $2.00 at the end of February.