EVZ have a habit of releasing news in twos - great project win (very material - 27m over next 1.5 years), but a few minutes later another capital raising announced!
Institutional placement, so retail shareholders locked out again for 2nd time in a few months which is disappointing. Conditional on shareholder approval only cause it has to be ... they exceeded allowed limit in Rule 7.1 with the last raising.
Not sure I understand reason for this one. Last one raised 2.4m, EBIT of 3m expected for the year so cash balance should be building up to fund capital purchases.
Overall think taken together is positive news, shows recovery going well, contracts still coming, balance sheet will be further strengthened but just annoyed at further dilution ....
Ann: Trading Halt, page-2
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