Photon Group raises AUS$114m through share offering

The marketing services group raised $26.6m in the first offering in late August and $88m in the second, which closed this week.

Tim Hughes, Photon Group’s executive chairman, said last month that the firm was looking to raise $115m through new shares to pay debts and strengthen its balance sheet after its latest results were affected by redundancy costs and a tough June quarter.

After the second offering closed this week, Hughes (pictured) said: “We are delighted with the high level of support for the rights issue from both institutional and retail shareholders. As a result of the equity raisings Photon has a strong balance sheet and is well positioned to continue to pursue organic growth.”