Well the old Emitch is off and running and at a cracking pace. Now insto's will have an opportunity -
MITCHELL Communication Group Ltd, Australia's largest media services group, plans to tap the market for $33 million to fund further growth through acquisitions.
The media group, which is backed by high-profile media buyer Harold Mitchell, said today it would place 30 million shares to institutional and professional investors at $1.10 each to raise the equity.
The capital raising is fully underwritten and being managed by investment bank, Goldman Sachs JBWere.
Mitchell Communication has already put a shopping list together, with confirmed and potential acquisitions totalling close to $20 million.
The media group will add digital printing and signage outfit Coleman Group and media strategy outfit The Media Shop to its stable, after snapping up the two business for a combined $5.75 million.
Oscar
MCU Price at posting:
0.0¢ Sentiment: Buy Disclosure: Held
