Afterpay's Share Price Rises After Share Purchase Plan Announcement

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Today, Afterpay Touch Group Limited [ASX:APT] shares were seemingly unaffected by its founders offloading $100 million worth of shares.

At the time of writing Afterpay’s share price is trading 6.08% higher at $25.64.

It’s an exciting development for the ‘buy-now, receive-now, pay-later’ company, following the trading halt it was placed in yesterday, prior to the mysterious announcement.

Today, Afterpay announced a raising of $317.2 million from institutional investors paying $23 a share. Additionally, the company announced retail shareholders owning shares on 7 June are able to purchase up to $15,000 worth of stock for the same price, in order to raise an additional $30 million for the company.

Afterpay says this share purchase plan will not be underwritten, and that they ‘may scale back applications…at its absolute discretion’.

Related: Aussie stock picker, Sam Volkering (with gains as high as 1,431% in the last 18 months) reveals what he believes are his next four big potential winners. Click here to find out what they are.

Sell-down triggers Afterpay’s share price rise

It’s been a great year for Afterpay, with their share price last month hitting an all-time high of $28.46.

And now, the news following the trading halt seemed to rouse investors, seeing the share price spike up by 9% earlier this morning.

The company has reported that the sell-down of shares by Anthony Eisen, Nicholas Molnar and David Hancock were all successful. Both Tiger Management and Woodsen Capital have taken over the shares at $23 apiece.

Elana Rubin announced today on behalf of Afterpay’s Independent Directors:

‘We are pleased by the strong investor support shown in the capital raising for the Afterpay business and our global growth strategy as outlined in our previously announced mid-term plan.

‘The Placement was oversubscribed, and we are also pleased to welcome several new high-quality institutions onto our register.’

It’s great news for the fintech, as retail activity in Australia seems to slow. And being such a global player, a move into Afterpay could be a wise one.

Regards,

Ryan Clarkson-Ledward,

For Money Morning

PS: Afterpay not your cup of tea but still looking for a winner? Check out this free report, ‘The Four Best ASX Stocks’ available for download here.

Tags: ASX:APT

Money Morning Editorial

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