Australia's Beam Communications falls on discounted capital raise

Beam Communications Holdings

23/11/2021 02:24

** Shares of Beam Communications Holdings Ltd  BCC.AX  fall
as much as 14.4% to A$0.445, their lowest since Nov. 5
    ** The satellite equipment maker raises A$5 mln ($3.62 mln)
via a share placement to launch its global messaging device
ZOLEO into Europe in early 2022, and into additional markets
later  urn:newsml:reuters.com:*:nASX1vSr1h
    ** Issue price of A$0.44 per share represents a 18.2%
discount to BCC's last closing price
    ** Says it is will also undertake a share purchase plan at
the same offer price as the placement of A$0.44 per new share
    ** Shares mark their steepest intraday percentage fall since
Nov. 10
    ** As of last close, stock up 52.9% this year

($1 = 1.3829 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))