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Rakon successfully completes Share Purchase Plan

Published: Wed 21 Oct 2009 10:25 AM
Auckland: 21 October 2009:
Rakon successfully completes Share Purchase Plan
Rakon Limited has announced the successful close of its Share Purchase Plan (SPP). The SPP was offered as part of the NZ$65 million equity raising announced by Rakon on 22 September 2009. Under the SPP Rakon sought to raise NZ$20 million by offering eligible shareholders the opportunity to make an application for up to NZ$15,000 worth of Rakon shares.
Applications received totalled NZ$21.1 million and Rakon has determined that the small oversubscription will be accepted and that no scaling will be undertaken.
In accordance with the SPP conditions, shares will be issued at a price of $1.15 per share which is the same price as institutional shareholders paid under the Placement which was previously completed. It is expected the 18.3 million shares to be issued under the SPP will begin trading on 23 October 2009.
Brent Robinson, Rakon's Managing Director and CEO said "We are delighted that our shareholders have supported the equity raising. As I commented at the time of announcing the Placement & SPP, Rakon has substantial earnings growth opportunities in front of us. We now have the platform to swiftly proceed with planned investment into China to secure the opportunities and maximise returns for all shareholders."
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