AFT Pharmaceuticals Limited (NZX:AFT/ASX:AFP) (AFT) is pleased to announce that its NZ$2 million share purchase plan (SPP) has closed oversubscribed. The SPP received strong shareholder support with AFT receiving applications totalling approximately NZ$9.8 million. Applications will be scaled on a proportionate basis in accordance with the number of AFT shares held by applicants on the SPP record date (9 June 2020). Refunds of surplus application amounts paid will be made to applicants in accordance with the terms of the SPP offer document.
The SPP was offered to all eligible existing AFT shareholders with a registered address in New Zealand or Australia, enabling them to each subscribe for up to a maximum of NZ$50,000 / A$47,000 of new AFT shares. 1,554 AFT shareholders applied under the SPP with an average application of approximately NZ$6,306.00
The SPP is part of AFT’s capital raising announced on 10 June 2020, whereby AFT also undertook a fully underwritten NZ$10 million placement of new shares to select investors in both local and offshore markets and certain major shareholders sold down NZ$63.8 million of existing shares (together, the Placement). The new shares under the SPP will be issued at the same price as the Placement share price, being NZ$3.75 per share.
AFT Managing Director Hartley Atkinson said: “We are delighted with the response to both the SPP and the earlier placement. The success of these initiatives represents a recognition of the global opportunities AFT enjoys and the progress we have made over an extended period. They also represent an endorsement of our strategy to