ASX-listed Swift Media has launched an equity capital raising to help fund expansion into the mining and aged care sectors.
The company aims to raise $3 million from sophisticated and professional investors. The issue price of shares will be determined via a bookbuild process.
Swift is a specialist media company delivering premium entertainment, communications and advertising to an audience of 5 million plus via 60,000 digital assets nationally across mining and resources, residential aged care and health and wellbeing.
“We very much appreciate the strong indicative support being received for the placement during the book build stage," says CEO Pippa Leary.
"We would welcome new institutional investors to the share register and appreciate the continued interest from both existing and new shareholders.
"That we can embark on this latest raise is an encouraging sign that our accelerated growth strategy is resonating with investors.
"A successful raise will further strengthen our balance sheet and position us to capitalise on the significant growth opportunities in our mining and resources and aged care verticals.”
Aitken Murray Capital Partners is lead manager for the placement.
The company will be offering eligible existing shareholders the right to buy shares, raising up to another $1 million.
Leary told the shareholders at the AGM that sales pipelines are far stronger than they were six months ago, setting the company up for strong growth in 2021.
"We are building for growth – we do want to be a much larger business and to achieve this we will continue to upgrade our sales capability, our technology and our processes in order to drive profitable growth," she says.
Swift this week announced a deal with Uniting NSW.ACT to install digital screens in 1,986 rooms across 25 Uniting Residential Aged Care homes.
In the year to June, the company posted a statutory loss of $21.6 million. Revenue fell 7% to $23.08 million.
However, the company's cash flow has gone from -$1.5 million in the June quarter to breakeven in the three months to September.
And revenue was $5.9 million, up 23.4% compared to the June quarter.
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.