Australia's Dxn Ltd set for best day on placement, business sale
09/08/2022 02:43
** Shares of Dxn Ltd DXN.AX jump up to 66.7% to A$0.1, set
for their best day, if gains hold
** The modular data centres operator says it received
commitments to raise A$2.13 mln ($1.48 mln) via issue of 250 mln
shares at A$0.0085 per share urn:newsml:reuters.com:*:nASX38b5wq
** Placement price at a 70% premium to DXN's last close on
Aug 4, before trading was halted
** On Aug 5, DXN announced sale of all its business assets
to Flow2Edge Australia in an A$26 mln deal urn:newsml:reuters.com:*:nASX9DSQH
** Deal was unanimously recommended by DXN's board
** Co says it will use the proceeds to fund its working
capital position until deal completion
** DXN expects to complete the share issue on Aug 12
** Stock touches its highest since April 11 in heavy trading
** About 72.7 mln shares change hands, compared with the
30-day average volume of 4.9 mln shares
** DXN stock down 33.3% this year, as of last close
($1 = 1.4337 Australian dollars)
(Reporting by Savyata Mishra in Bengaluru)
((Savyata.mishra@thomsonreuters.com))