from the Xero Blog: 2 February 2012 by Rod Drury
Exciting day for our Xero team with a few big announcements.
Firstly we’ve raised $20 million from existing Directors and major shareholders. We are thrilled with the internal support. This allows us to continue to accelerate our growth plans.
We have also launched a Share Purchase Plan (SPP) that allows other shareholders to participate on the same basis. SPP’s are a mechanism that allows listed companies to raise capital inexpensively. We particularly like SPP’s as small shareholders are looked after – which is very important to us.
Share purchase plans allow a company to issue up to NZ$15,000 worth of shares to existing shareholders utilising a fairly short, simple offer document. The rationale for the Exemption Notice is that a full disclosure document, such as an investment statement, is not necessary given that issuers are subject to the continuous disclosure requirements of the NZX and thus existing shareholders will be fully informed about the company.
If you are a shareholder on the 14th of February you will receive SPP information in the mail.
Click here for the full Capital Raising and SPP announcement.
Our next bit of news is we have acquired leading Xero Partner WorkFlowMax.