MA Financial Group: Raises $20 million from heavily oversubscribed SPP

MA Financial Group Raises $20 million from heavily oversubscribed SPP

• MA Financial Group (MAF) raises $20 million through an oversubscribed share purchase plan (SPP)
• The funds will be used to partially fund the acquisition of aggregator business, Finsure
• The company was originally seeking to raise $10 million but ended up receiving application totalling about $45.3 million
• The issue price of the new shares will be at the same price as the previously completed institutional placement which was $7.75 per share
• Shares closed 3.07 per cent higher today at $9.07 each