Listed Dunedin company Scott Technology's rights issue seeking up to $9.5 million - largely to pay off debt from multiple company acquisitions - has closed oversubscribed.
The rights issue, announced in late June, was oversubscribed by 15% and while shareholder entitlements were taken up by 89% of shareholders, the $1 million, or 11%, shortfall balance, will now be offered to those oversubscribed.
Scott shares were unchanged yesterday at $1.45 after the announcement.
During the past two years, Scott separately purchased niche-market mining-related companies Rocklabs and Malcolm Smith Reference Materials, plus a controlling stake in Crown-owned HTS-110 Ltd, a specialist company using superconductors to manufacture electromagnets.
Just two days after announcing the $9.5 million issue, Scott announced it had bought a 75% share in a China-based specialist motor manufacturer for almost $1 million; Teknatool International Ltd's Qingdao-based subsidiary and manufacturing company, Qingdao Teknatool Machinery Manufacturing Co Ltd, which specialises in lathe technology and energy-efficient motor manufacturing.
