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Integral Diagnostics raises A$41M to help fund acquisition of Imaging Queensland

Integral Diagnostics Ltd. said it raised A$41 million to help fund its acquisition of Imaging Queensland, a provider of diagnostic imaging services.

The funds raised were from the completed the institutional component of the company's 1 for 5.91 pro rata accelerated non-renounceable entitlement offer of new shares.

The Australian healthcare services company issued about 15 million new shares at A$2.71 each under the offer. Existing eligible institutional shareholders took up about 93% of their entitlements.

The new shares are expected to be allotted on Sept. 4 and will trade on a normal settlement basis on the ASX on the same day.

Eligible retail shareholders of Integral Diagnostics will be invited to participate in the retail part of its entitlement offer at the same price and offer ratio as the institutional component.

The retail entitlement offer, which will open Sept. 2 and close Sept. 20, is expected to raise about A$31 million.

In addition to partially funding the deal to buy Imaging Queensland, proceeds from the entitlement offer will also go toward associated transaction costs.

Integral Diagnostics provides diagnostic imaging services to general practitioners, medical specialists, and health professionals and their patients in Australia.