Norton Rose Australia is advising Funtastic Limited (“Funtastic”) on its capital raising of approximately A$24.6 million. The capital raising consists of a A$6.8 million institutional placement and a 1 for 3 non-renounceable pro-rata accelerated entitlement issue to institutional and retail shareholders of approximately A$17.8 million at an issue price of $0.145 per new share.
Bell Potter Securities Limited acted as the Lead Manager to the offer.
The proceeds from the capital raising will be used to repay A$15 million of Funtastic’s debt, significantly reducing gearing and increasing interest coverage and to provide working capital to invest in Funtastic’s brand portfolio, drive organic growth both domestically and internationally and pay the costs of the capital raising.
The transaction is led by Robert Sultan, a Norton Rose Australia partner based in Melbourne. He is being assisted by Chris Mitchell and Andrew Fisken.
