As I predicted on Monday,
( ragingbull.lycos.com )
TRIB management screws its shareholders again... now we should see a price of $4.25 and a lot of margin calls. Also note the boldfaced statement by management:
Trinity Biotech Announces $22.5 Million Private Placement
Wednesday January 7, 10:24 am ET
DUBLIN, Ireland, January 7 /PRNewswire-FirstCall/ -- Trinity Biotech plc (NASDAQ: TRIB - News) today announced that it has entered into definitive agreements with a number of institutional investors for the private placement of an aggregate of approximately 5,294,118 of its ordinary shares at $4.25 per share for gross proceeds to the Company of approximately $22.5 million. Investors also will receive 5 year warrants to purchase an aggregate of approximately 1,058,824 ordinary shares at an exercise price of $5.25 per share, representing a 24% premium to the placement price.
In addition, the Company has granted to the investors the right to purchase up to an aggregate of 2,647,059 additional ordinary shares at $4.25 per share for a period of up to 30 days after the closing of the transaction. No additional warrants will be issued if this right is exercised.
Rodman & Renshaw Inc. acted as the exclusive placement agent on the transaction.
"We are pleased to complete this financing" said Ronan O'Caoimh, C.E.O. "These funds are not required for normal corporate purposes. However, we continue to seek suitable acquisition opportunities and this strengthening of our balance sheet which results in cash balances in excess of $43m, combined with strong operating cashflows and unutilised banking facilities will allow us to target larger acquisitions than previously. We intend quickly turning this capability into accretive earnings per share acquisitions.
The securities to be issued in the private placement have not been registered under the Securities Act of 1933, as amended, and may not be offered or sold without a registration statement or an exemption from registration. Trinity has agreed to file a registration statement covering the resale of the securities by the investors. |
