Silver Chef launches share offer
Small business equipment finance company Silver Chef has launched a capital raising, seeking A$30 million of equity to expand its rental asset base.The capital raising is by way of a fully underwritten one-for-nine accelerated pro-rate non-renounceable entitlement offer. The offer price is $8.50 a share, which is a 10.6 per cent discount to Monday's closing price.Morgans Corporate Ltd and Wilson HTM Corporate Finance are the underwriters.The offer includes an institutional and a retail component.Silver Chef reported strong performance during the December half, with net profit up 45 per cent and a 21.8 per cent return on equity.The value of rental assets grew by 33 per cent to $446.8 million and the company is looking for capital to continue with the expansion. The company executed a new $100 million five-bank syndicated debt facility during the half.