After raising $50m from institutional investors, Dicker Data opened a share purchase plan for retail investors with the aim of raising a further $10m. Subsequently $21.8m in new shares were applied for and DDR opted against a scale back.
I'm always interested in the numbers behind the capital raising and DDR obliged providing further info in their release. There were 14,111 eligible shareholders who could apply. Of that number only 9.7% (1373) actually did so at an average of $15,856 (maximum allowable of $30k). The share price at times did hover slightly below the issue price of $10.30 and is currently still doing so. An extra $70m sures up the balance sheet with storm clouds on the horizon given the current macro thematic which one would think will be putting further pressure on the share price in the near term. There has been a continuation of director buying so internally there still appears to be a lot of confidence in the business still.
Disclosure; I hold IRL but did not partake in the SPP as it has grown to be my largest holding so held off due to weighting
