Iress (ASX: IRE
) has gone into a trading halt to conduct a capital raising and make an acquisition.
What is Iress?
Iress is a technology company that provides software to the financial services industry. Through its global team of 1,950 people, Iress provides software and services for trading and market data, financial advice, investment management, mortgages, superannuation, life and pensions and data intelligence.
Iress’ bold move
Iress announced this morning that a trading halt was necessary so that it could do a capital raising for institutional investors as well as a share purchase plan.
An official announcement is still to be announced, but as usual the Australian Financial Review has the inside scoop.
Apparently Iress is looking to acquire Onevue (ASX: OVH
). In reaction the Onevue share price has rocketed 52% higher.
Iress is looking to raise $150 million from institutional investors at $10.42 per share, which is a 7% discount to the last closing price.
A share purchase plan will also be done for regular investors for up to $20 million.
Iress has agreed to acquire OneVue for $107 million, which equates to $0.40 per share.
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Disclosure: At the time of writing, Jaz doesn’t own shares in any of the businesses mentioned.
