Atlas announces completion of public offering
28/05/2014 12:12
Atlas Financial Holdings, Inc. announced the closing and settlement of its underwritten public offering of 2,000,000 ordinary common shares of the Company at a price to the public of USD 12.50 per share for gross proceeds of USD 25,000,000. Underwriters exercised their right to purchase an additional 161,000 common shares increasing gross proceeds to USD 27,012,500. The net proceeds from the sale of the shares, after deducting the underwriters’ discounts and other estimated offering expenses payable by the Company, will be approximately USD 25,061,750. Total outstanding common shares are 11,771,586 after the issuance. On a pro-forma basis, book value per common share based on March 31, 2014 actual results plus the net proceeds from this offering is USD 7.67 per common share as compared to the reported figure of USD 6.79. The Company had USD 0.91 per common share of deferred tax assets at March 31, 2014 which were not included in book value per common share. On a pro-forma basis after the new share issuance this is USD 0.74 per common share. Atlas plans to use the net proceeds from the offering for general corporate purposes, including, without limitation, business expansion, working capital and possible acquisitions.
28/05/2014 12:12
Atlas Financial Holdings, Inc. announced the closing and settlement of its underwritten public offering of 2,000,000 ordinary common shares of the Company at a price to the public of USD 12.50 per share for gross proceeds of USD 25,000,000. Underwriters exercised their right to purchase an additional 161,000 common shares increasing gross proceeds to USD 27,012,500. The net proceeds from the sale of the shares, after deducting the underwriters’ discounts and other estimated offering expenses payable by the Company, will be approximately USD 25,061,750. Total outstanding common shares are 11,771,586 after the issuance. On a pro-forma basis, book value per common share based on March 31, 2014 actual results plus the net proceeds from this offering is USD 7.67 per common share as compared to the reported figure of USD 6.79. The Company had USD 0.91 per common share of deferred tax assets at March 31, 2014 which were not included in book value per common share. On a pro-forma basis after the new share issuance this is USD 0.74 per common share. Atlas plans to use the net proceeds from the offering for general corporate purposes, including, without limitation, business expansion, working capital and possible acquisitions.
