OpenLearning (AAX:OLL) has secured a strategic investment from a global tech-growth firm and announced a rights issue
Investment Highlights:
- Alchemy Tribridge Sapphire (‘ATL’ or ‘Alchemy Tribridge’), an investment group experienced in driving returns in technology businesses, will take a position in OpenLearning of up to 19.9%
- ATL will invest $2.9 million in a placement, priced at $0.093 a share, and also be issued an additional $0.6 million worth of options with a strike price of $0.093 a share and an expiry date of 30 September 2022
- ATL will support OpenLearning in the next phase of growth to capture a greater share of the lifelong learning market with the appointment of Mr Ben Shields, one of the Founding Partners of ATL, to the Company’s Board on completion of this placement
- Eligible OpenLearning shareholders will be able to invest alongside ATL through a nonrenounceable rights issue at the same price per share to raise up to $3.06 million in new capital. ATL is expected to participate in the rights issue, providing an additional $0.48 million in capital
- The total capital raised of up to $5.96 million through the placement to ATL and rights issue will be used to position OpenLearning for a step-change in growth
This $0.093 price represents a 3.33% premium to the last close price.
This will make ATL the largest shareholder on OpenLearning’s register.
