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Steadfast launches share purchase plan

Steadfast Group Ltd. commenced a share purchase plan that allows eligible shareholders to buy up to A$15,000 worth of the company's new ordinary shares without incurring brokerage or transaction costs.

The issue price will be the lesser of A$3.38 and the price that is a 1% discount to the volume-weighted average price of Steadfast shares on the Australian Stock Exchange over a five-trading-day period ending on the close of the share purchase plan. The share purchase plan intends to raise A$20 million and is not underwritten.

The record date is 7 p.m. Sydney time on Aug. 20, and the closing date is 5 p.m. Sydney time on Sept. 12.

The announcement comes after Steadfast closed an institutional placement to raise A$100 million. Proceeds from the placement and the share repurchase plan will be used to fund further insurance brokerage and underwriting agency acquisitions and the cash component of a possible acquisition of professional service fee rebates from Steadfast Network brokerages.