Australia's Frontier Digital slumps most in 3 years on discounted placement

Frontier Digital Ventures

05/04/2023 01:51

** Shares of Frontier Digital Ventures  FDV.AX  drop as much
as 12.2% to A$0.615, their lowest level since April 3, 2020 
    ** Malaysia-based FDV says it has raised A$13 mln ($8.79
mln) to help fund previously announced acquisition of InfoCasas
and Encuentra24
    ** Capital raising via placement at offer price of A$0.56
per share, a 19.4% discount to FDV's last close of A$0.695
    ** In June 2021, FDV moved to 100% ownership of InfoCasas -
a property portal in Uruguay, Paraguay and Bolivia
    ** In December 2021, FDV moved from 26% to 100% ownership in
Encuentra24 - a classifieds marketplace operating in several
Latin American countries
    ** FDV posts its biggest intraday pct fall since Jan 20,
2021
    ** More than 380,000 shares change hands, vs the 30-day
average volume of ~173,000 shares
    ** FDV up 2.2% this year, as of last close

    ($1 = 1.4786 Australian dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))