Harbour Asset Management now has almost 10 percent of Pacific Edge after its recent rights issue. Photo / Kenny Rodger
Harbour Asset Management now has almost 10 percent of Pacific Edge after its recent rights issue. Photo / Kenny Rodger
Wellington-based fund manager Harbour Asset Management now has almost 10 per cent of Pacific Edge as a result of the cancer diagnostics company's recent capital raising and subsequent rights issue shortfall.
The fund manager said in a notice to the NZX that it now owned 9.54 per cent of PacificEdge, up from 6.93 per cent previously.
The additional shares were acquired through the rights issue and the subsequent "book build" when the issue fell short of its target.
Pacific Edge, which has developed technology aimed at the early detection of bladder cancer, successfully raised $5.1 million from a share placement on July 29, and last month set about raising a further $16 million through a three-for-seven rights issue, pitched at 19c a share.
The issue raised $11.4 million, reflecting a take-up of 72 per cent. About 19.2 million shares, out of a total shortfall of 23.5 million, were sold to institutions and other eligible investors via the book-build. Between the rights issue and the book-build, the take-up rate was 94.8 per cent.
The company, which has The Warehouse founder Sir Stephen Tindall and former Montana chairman, Peter Masfen, on its share register, intends to use the money to implement its strategy of commercialising its technology in the United States.
