Australia's Alcidion Group drops most in nearly 21 mths on capital raise

Alcidion

09/12/2021 03:54

** Shares of Alcidion Group  ALC.AX  drop as much as 15.6%
to A$0.27, their biggest intraday pct fall since March, 2020
    ** ALC had been on trading halt since Dec. 7
    ** Healthcare software developer to raise A$55 mln($39.40
mln) to fund acquisition of Silverlink PCS Software, a Patient
Administration System provider to UK NHS, said co on Tuesday
 urn:newsml:reuters.com:*:nFWN2SR10S
    ** Co to raise A$30 mln via institutional placement and
remaining A$25 mln via entitlement offer
    ** Equity raising at offer price of A$0.25 per share is at a
20.4% discount to ALC's last close on Dec. 6 
    ** Says co will issue about 220 mln new shares, representing
about 21% of its existing securities on issue
    ** Stock hits its lowest since March 23
    ** Over 4.3 mln shares change hands, more than triple their
30-day average volume of 1.3 mln shares
    ** Stock up about 73% this year as of last close
  


($1 = 1.3961 Australian dollars)

 (Reporting by Dhriti Garg in Bengaluru)
 ((dhriti.garg@thomsonreuters.com))