KEY POINTS:
A rights offer by smart metering company Pulse Utilities has fallen short of its $3.6 million target, and it will now offer the shortfall to major investors.
The AX-listed firm raised just over $1.1 million in new capital - $607,200 in cash and $523,992 in convertible notes. The rights offer gave shareholders the chance to buy up to 2500 new shares at $2 each. Pulse said it intended to place the remaining 1.4 million shares with various institutional and, possibly, cornerstone investors.
The company's board said it was pleased with the level of interest shown by the institutions, especially by those managing diversified funds. Despite the shortfall, Pulse was pleased with the support. It would now start operations as an electricity retailer.
