Findi Limited’s $25M Placement Boosts Cash to $43M Ahead of Offer Close
Findi Limited has extended the closing date of its offer to 19 March 2026 and updated details following a $25 million institutional placement. The company’s share capital structure and financial position have been revised, with key changes including director participation and lead manager incentives.
- Offer closing date extended to 19 March 2026
- $25 million placement announced with 35.7 million new shares
- Director Nicholas Smedley to participate in placement
- Taurus Capital to receive options as lead manager fee
- Nova Global investment negotiations paused post-placement
Offer Extension and Placement Details
Findi Limited has issued a Second Supplementary Prospectus dated 13 March 2026, extending the closing date of its current offer from 16 March to 19 March 2026. This extension provides additional time for investors to participate amid recent developments, notably a $25 million placement to institutional and sophisticated investors announced on 2 March 2026.
The placement involves issuing 35,714,286 new fully paid ordinary shares at 70 cents each, split into two tranches. The first tranche of approximately 13.7 million shares will be issued under the company’s existing placement capacity without shareholder approval, while the second tranche of about 21.3 million shares awaits shareholder approval at an upcoming general meeting.
Director Participation and Lead Manager Incentives
Executive Chair Nicholas Smedley intends to subscribe for up to $500,000 worth of shares, subject to shareholder approval, reflecting director confidence in the company’s prospects. Meanwhile, Taurus Capital Group Pty Ltd, acting as lead manager for the placement, will receive a fee comprising a 6% cash or share placement fee and 3 million options exercisable within three years at strike prices of 90 cents and $1.20. These options are also subject to shareholder approval.
Updated Share Capital and Financial Position
The prospectus updates Findi’s share capital structure to reflect the placement and recent acquisitions, including the Sphere (For Good) Holdings Pty Ltd acquisition completed earlier this year. Post-offer, the total shares on issue are expected to rise to over 102 million, with nearly 15 million unquoted options outstanding.
Pro forma financial statements show a strengthened cash position, with cash and equivalents increasing from $19.6 million to approximately $43.2 million after the placement, net of related costs. Total assets and net equity also reflect the impact of the placement and acquisition, positioning Findi with a more robust balance sheet.
Nova Global Investment and Future Outlook
In a notable update, Findi has decided not to proceed with the previously announced Nova Global Opportunities Fund PCC investment under the terms disclosed earlier this year. However, discussions remain open, and the company may revisit a transaction with Nova Global in the future.
The supplementary prospectus primarily facilitates secondary trading of shares issued without disclosure, ensuring compliance with Australian securities laws. It clarifies that the current offer is not intended to raise significant capital but to remove trading restrictions on existing shares.
Bottom Line?
With shareholder approvals pending and strategic negotiations ongoing, Findi’s next moves will be critical for investors watching its capital structure and growth trajectory.
Questions in the middle?
- Will shareholders approve the second tranche of placement shares and Taurus Capital options?
- How will the dilution from the placement affect Findi’s share price and investor sentiment?
- What are the prospects and timing for a renewed Nova Global investment deal?
