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SomnoMed to raise A$10.4M via entitlement offer

SomnoMed Ltd., a developer of medical devices for sleep disorders, is planning to raise about A$10.4 million in an entitlement offer.

Under the offer, the eligible shareholders of the Australia-based company will be able to subscribe for 1 new share for every 17 existing shares they hold on Feb. 21. SomnoMed plans to issue 3,455,825 new shares priced at A$3 apiece.

TDM Asset Management Pty. Ltd. intends to subscribe for the shortfall of up to 3,445,000 shares. Entities associated with the company's chairman, Peter Neustadt, also plan to subscribe for their full entitlement under the offer, which totals 179,807 shares.

The entitlement offer includes an institutional component and a retail component. Eligible institutional shareholders will participate in the offer from Feb. 19 to Feb. 20.

Eligible retail shareholders will participate on Feb. 26 up to March 15, the date of the offer's closing.