From AFR: ASX-listed workplace and employment outsourcing...

From AFR:

ASX-listed workplace and employment outsourcing company Konekt is seeking investor support for a $24 million acquisition and associated equity raising.
Street Talk understands Konekt has agreed terms to buy NSW-based jobs search company Mission Providence - a leading provider of employment services under the federal government's jobactive program.
Mission Providence has a national footprint with 85 branches, more than 400 staff and $51 million revenue in the 2017 financial year, according to numbers in front of potential investors on Wednesday morning.
Konekt will fund the acquisition via a $32.7 million financing package, including an $18.3 million debt facility and an equity raising.

The equity raising was split into an institutional placement of 18.2 million new shares at 48¢ each to raise $8.7 million, and a one-for-five rights issue to raise another $7 million.

Both components of the raising were underwritten by stockbroker Taylor Collison.
Konekt shares last closed at 56¢.
Taylor Collison was calling for bids into the placement by 5pm on Wednesday.
Konekt is expected to announce the acquisition and equity raising later this week, along with the company's full year results.


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