Skilled $75m placement at $5.20 a share10:32, Tuesday, November...

Skilled $75m placement at $5.20 a share
10:32, Tuesday, November 27, 2007

Sydney - Tuesday - November 27: (RWE Australian Business News) -
Skilled Group Ltd (ASX:SKE) has raised $75m through a placement of 14.4m
shares at $5.20 each to institutional investors.
As a result of the placement, the company has increased its net
profit guidance for the 2008 financial year to be in the range of $36m
to $39m. It expects the trend of stronger results in the second half to
continue, consistent with the previous year.
Commenting on the placement, managing director and chief
executive Mr Greg Hargrave said: "We are delighted with the positive
response to the institutional placement and welcome Perpetual
Investments and Paradice Investment Management Pty Ltd as shareholders
who we believe will be long-term supporters of the company.
"The support from these major institutions and the solid support
we have received from our existing institutional shareholders is a
strong confirmation of our strategy and our ability to deliver on it.
"Over the past two years we have demonstrated our ability to
effectively acquire and integrate companies while continuing to deliver
double-digit organic growth. The additional capital raised will provide
us with the flexibility to continue to fund growth opportunities,
including acquisitions that will lead to increased shareholder value."
Hedonsax, the major shareholder, has committed to taking an
additional 2m ordinary shares at $5.20 each.
Mr Hargrave has a beneficial interest in Hedonsax and
shareholder approval for this placement will be sought at an
extraordinary general meeting expected to be held in January.
ENDS