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SomnoMed raises A$5.9M via entitlement offer

SomnoMed Ltd., a maker of medical devices for sleep disorders, completed its entitlement offer.

The Australia-based company will issue about 1.97 million new shares at A$3 apiece to raise about A$5.9 million.

TDM Asset Management Pty. Ltd. and other major shareholders will take up the shortfall, which includes entitlements not taken up by eligible institutional shareholders along with the entitlements of ineligible institutional shareholders.

SomnoMed shares will recommence normal trading on an ex-entitlement basis from the opening of the market on Feb. 21 as a result of the completion of the entitlement offer.

The entitlement offer includes an institutional component and a retail component.

Under the retail component, eligible retail shareholders will be able to subscribe for 1 new share for every 17 existing shares. The retail entitlement offer will open on Feb. 26 and close March 15.

TDM Asset Management and other shareholders also plan to subscribe for any shortfall under the retail entitlement offer.