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Integral Diagnostics raises A$31M to help fund acquisition of Imaging Queensland

Integral Diagnostics Ltd. said it raised approximately A$31 million to help fund its acquisition of Imaging Queensland, a provider of diagnostic imaging services.

That completed the company's 1-for-5.91 pro rata accelerated nonrenounceable entitlement offer of new shares.

Previously, Integral Diagnostics had raised A$41 million via the completion of the institutional component of the offer.

For the retail component of the entitlement offer, the funds were raised Sept. 20 as eligible retail shareholders of Integral Diagnostics were invited to participate in the retail part of its entitlement offer at the price of $2.71 per new share.

The Australian healthcare services company received applications from retail shareholders for about 6.1 million new shares raising approximately $16.5 million.

However, about 5.3 million new shares were not taken up by eligible shareholders and will now be allocated to the sub-underwriters of the entitlement offer. These shares will be issued Sept. 30 on a normal settlement basis on the ASX, the company said in a Sept. 25 press release.

Integral Diagnostics acquired Imaging Queensland for A$104 million upfront and planned to raise A$72 million to partially fund the up-front consideration through this entitlement offer.

The remaining part of the consideration will be funded through the issuance of A$26.2 million of new ordinary shares to the vendors of Imaging Queensland at the completion of the deal and through A$12.1 million in debt.