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Novatti raising $45m for acquisitions, including Reckon stake
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Payments technology company Novatti is tapping investors for $45 million, in part to fund the purchase of a 15 per cent stake in practice management software company Reckon.
Novatti has appointed Petra Capital as the sole lead manager and the raise will be comprised of three tranches - a $40 million institutional placement over two tranches and a share purchase plan for retail investors of up to $5 million.
Reckon shares jumped on Wednesday on news that Novatti was acquiring a significant stake.
Shares are on offer at 55¢ per share - a 14.1 per cent discount to Novatti’s last close price, and a 17.2 per cent discount to its five day volume-weighted average price.
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