SYDNEY, AUSTRALIA: SRJ Technologies Group (ASX: SRJ) is temporarily delaying the A$142 million capital raise to fund the acquisition of STATS (UK) Limited and provide additional working capital for the combined group.
The capital raise has been delayed as a result of significant changes to underlying market conditions in Australia and globally since the start of 2022. The Company intends to monitor market conditions closely and is targeting re-engaging in capital raising discussions in mid-March with a resulting completion date for the acquisition in late April 2022.
Alexander Wood, Chief Executive Officer of the Company, said whilst it was frustrating, it was prudent to be mindful of market conditions to ensure a successful capital raising.
“With current volatility in financial markets, we have agreed with our advisors to delay the capital raise until there are signs of stability in underlying market conditions.” said Mr Wood.
The Company will release a revised timetable for the capital raising to the market when this has been settled with the Lead Manager.
SRJ Technologies provides specialised engineering services and containment management solutions, elevating customer’s integrity management performance.