Australia's PSC Insurance falls on discounted placement

PSC Insurance

11/03/2022 01:37

** Shares of PSC Insurance Group  PSI.AX  drop as much as 5%
to A$4.6 after co announces a discounted placement 
    ** Insurance intermediary business says it got commitments
for a capital raising worth A$80 mln ($58.76 mln)  urn:newsml:reuters.com:*:nASX4XXftb
    ** Says capital raising through placement of 17.8 mln shares
at A$4.50 per share, a 7% discount to stock's last close
    ** Adds funds will be used to help funding acquisitions
    ** "We are considering acquisitions of UK and Australian
commercial broking businesses, with a number under due
diligence" - PSI
    ** Stock set for worst session since March 8, if losses hold
    ** About 256,000 shares change hands, compared with the
30-day average volume of 32,000 shares
    ** PSI up 2.3% this year, as of last close
    
($1 = 1.3615 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))