LONDON (Alliance News) - Atlas Mara Co-Nvest Ltd, which raised USD325.0 million in an initial public offering in December, said Thursday the net proceeds from its IPO are easily accessible when required.
In an interim management statement for the period November 28 to March 31, the company said it had 31.3 million shares in issue at the period-end, while it currently holds the majority of its assets in US Treasury Bills.
It said around USD301.1 million was held in US Treasury Bills at the period-end, maturing between less than one month and six months from March 31, 2015. In addition, the company held cash and cash equivalent balances of around USD11.2 million.
The company anticipates that it will continue to hold the bulk of its assets in US Treasury Bills, or an investment approved by the board with similarly low counterparty and principal risk until such time as an acquisition is completed," it said.
Atlas Mara shares are currently suspended as it progresses with its acquisition of ABC Holdings Limited and ADC African Development Corporation AG for up to approximately USD265 million. The acquisitions will be treated as a reverse takeover.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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