Digital payments firm Zip Co completes Share Purchase Plan
Zip Co Ltd (ASX:Z1P), a company active in the digital retail finance and payments industry, today announces that its Share Purchase Plan (SPP) announced to the market in December 2020 was successfully closed on January 13, 2021.
The SPP allowed eligible shareholders, being those shareholders who were on the Zip register at 7:00pm (Sydney time) on Tuesday, 15 December 2020, the opportunity to subscribe for up to $30,000 worth of new shares in Zip at an issue price equal to the lesser of:
- $5.34, being the price at which shares were issued under the placement; and
- the volume weighted average price of Zip’s shares traded on the ASX during the five trading days up to and including Wednesday, 13 January 2021 (being the date the SPP offer closed), less a 2% discount rounded to the nearest cent.
Zip confirms that the final issue price under the SPP is $5.29 per share.
Zip sought to raise up to approximately $30 million under the SPP and reserved the right to increase this cap and accept oversubscriptions and/or scale back applications under the SPP at its absolute discretion. Zip raised $56,739,524.95, including oversubscriptions of $26,739,524.95 which it has accepted in full.
The SPP followed the successful completion of the $120 million (before costs) placement to new and existing institutional, sophisticated and professional investors.
Allotment of the new shares is scheduled for Wednesday, 20 January 2021 and the new shares are expected to be quoted on the ASX on Thursday, 21 January 2021. Zip recommends shareholders confirm their actual holding prior to trading in new shares allotted under the SPP.