E-learning business taps market for fresh capital
ASX-listed e-learning platform business Janison Education Group has kicked off a capital raising to fund its international growth and possibly finance a potential acquisition.
Janison Education Group provides online assessment and learning platforms to clients including Rio Tinto, the NSW Government, Suncorp
The $54 million company was out looking for $3 million on Thursday through an institutional placement.
The offer was priced at 25¢ a share, which represented a 16.7 per cent discount to Janison's 30¢ last close, according to terms sent to funds.
The raising – which was being overseen by lead manager CCZ Statton Equities – was being cornerstoned by global e-learning outfit Desire2Learn's chief executive John Baker. Funds were told Baker was tipping $2 million into the offer.
CCZ was calling for bids into the placement by 10am on Friday.
The termsheet said the fresh funds would be used to "support a number of international growth opportunities, platform development and inorganic opportunities".
Janison also said it had completed due diligence on a potential acquisition and expected to finalise a deal within 8 weeks.
Janison provides online assessment and learning platforms to clients including Rio Tinto, the NSW Government, Suncorp, Ramsay Health Care and the University of Wollongong.
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