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CER Group Share Purchase Plan Over Subscribed
Share Purchase Plan Over Subscribed
Statement made by David Warrick, Managing Director, CER Group Limited
- $3.2 million in capital successfully raised
- Funds to support acquisition of VRM (Vital Resource Management) Group of Companies in Australia (VRM Group) and to support further rapid development and growth of CER
CER Group advises that its Share Purchase Plan, aimed at raising some $3.2m to further fuel the development and growth of CER, has been comfortably over-subscribed.
A total of $1.6 m was raised from current shareholders. In addition, CER has received confirmed subscriptions by high net worth individuals and sophisticated investors for the full balance of the capital raising.
The Board of CER is very encouraged by the support shown by existing and prospective shareholders for the Group’s strategy of organic and acquisition based growth in its chosen fields of environmentally sustainable products and services and internet based distribution businesses.
CER has also received further firm interest of some $500,000. Shareholder approval for approved over-subscriptions will be sought at the forthcoming Annual General Meeting.
The capital raised from the Share Purchase Plan will be primarily used to fund the acquisition of the VRM Group announced to the market on 21 May.
The result of the Share Purchase Plan is the latest in a series of successes for CER.
Earlier this year CER declared its first annual operating profit, and appointed Mr. Robin Levison to its board to strengthen its capabilities for appraisal and integration of selected potential acquisition opportunities.
It also recently reported that sales at its New Zealand Nature business for the quarter ended 31 March 2007 have grown 25% on the equivalent quarter in 2006. This was followed by a 40% increase in April 2007, against April 2006.
In addition, the Certified Organics business has received contracts worth over $700,000 from the South Australian Government for its BioSeed Eradicator organic herbicide.
ENDS
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