AFR: Evans Dixon, Petra launch $30m Fluence Corp raising

Water and wastewater services business Fluence Corporation is seeking to raise $30 million in a placement of new shares that launched on Wednesday morning.

Stockbrokers Evans Dixon and Petra Capital sent terms to fund managers, offering new shares at 44¢ each which was a 12.9 per cent discount to the last close and a 12.05 per cent discount to the five-day VWAP.

The placement was to be followed by a share purchase plan to raise up to another $6 million.

Funds raised were to develop the company’s China partnership ($12 million), China plant expansion ($3 million), working capital ($7 million) and other uses.

The brokers were calling for bids by 3pm on Thursday.

Fluence Corp had a  $271 million market capitalisation prior to the raising.

Source: The Australian Financial Review