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

Money Morning is Australia’s most outspoken financial news service. Your Money Morning editorial team are not afraid to tell it like it is. From calling out politicians to taking on the housing industry, our aim is to cut through the hype and BS to help you make sense of the stories that make a difference to your wealth. Whether you agree with us or not, you’ll find our common-sense, thought provoking arguments well worth a read.

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