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6 stories mentioning ASX:SXEUpdated 18d ago

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Asia

Southern Cross Electrical Engineering Completes AU$15 Million Share Purchase Plan

Southern Cross Electrical Engineering (ASX:SXE) completed its share purchase plan (SPP), raising the targeted AU$15 million through the issue of 3.8 million new shares priced at AU$4 each, according to a Monday filing with the Australian bourse.The SPP was heavily oversubscribed, attracting AU$51 million in applications from 2,158 eligible shareholders, representing a 31% participation rate, per the filing.The company said that due to excess demand, allocations were scaled back on a pro rata basis in accordance with the SPP terms.The new shares will be issued on Tuesday, start trading on the Australian Securities Exchange on Wednesday, and holding statements along with scale-back refunds are expected to be processed by Friday, the filing added.

ASX:SXE
Asia

Southern Cross Electrical Engineering Launches AU$15 Million Share Purchase Plan

Southern Cross Electrical Engineering (ASX:SXE) initiated a non-underwritten share purchase plan (SPP) targeting around AU$15 million, following the completion of a fully underwritten AU$150 million institutional placement, according to a Tuesday filing with the Australian bourse.The SPP is available to eligible shareholders in Australia and New Zealand excluding investors in the US at the same price as the placement of AU$4 per share and allows applications of up to AU$30,000 per shareholder, per the filing.The funds will be used for working capital to support new project awards and to provide flexibility for potential acquisitions aimed at geographic expansion or capability growth, the filing said.The SPP is scheduled to close on July 7, the filing added.

ASX:SXE
Asia

Southern Cross Electrical Engineering Says Citigroup Becomes Substantial Holder

Southern Cross Electrical Engineering (ASX:SXE) received notice that Citigroup Global Markets Australia and its affiliated entities became a substantial holder of the company on Tuesday, according to a Friday filing with the Australian bourse.Citigroup now owns over 14 million shares in the company, representing a 5.27% total voting power, the filing said.

ASX:SXE
Asia

Update: Southern Cross Electrical Engineering Secures AU$150 Million Through Institutional Placement; Shares Hit Record High

(Updates to add stock movement in the headline and last paragraph)Southern Cross Electrical Engineering (ASX:SXE) completed a fully underwritten institutional placement, raising AU$150 million through the issue of about 37.5 million new shares at AU$4 each, representing a 1.2% discount to the stock's five-day volume-weighted average price, according to a Tuesday filing with the Australian bourse.The placement was strongly supported by both existing and new investors and is expected to settle on Friday, per the filing.The company will also offer eligible shareholders in Australia and New Zealand a non-underwritten share purchase plan (SPP) to raise up to AU$15 million, allowing subscriptions of up to AU$30,000 per shareholder at AU$4 per share, the filing said.The SPP is scheduled to open on June 23 and close on July 7, with the company reserving the right to accept applications and adjust allocations at its discretion.The proceeds will be used to fund working capital for new works awards and to provide financial flexibility for future acquisition opportunities that offer further geographic diversification or new capabilities, the filing added.The company's shares jumped over 15% in recent Tuesday trade and earlier hit a record high.

ASX:SXE
Asia

Southern Cross Electrical Engineering Secures AU$150 Million Through Institutional Placement

Southern Cross Electrical Engineering (ASX:SXE) completed a fully underwritten institutional placement, raising AU$150 million through the issue of about 37.5 million new shares at AU$4 each, representing a 1.2% discount to the stock's five-day volume-weighted average price, according to a Tuesday filing with the Australian bourse.The placement was strongly supported by both existing and new investors and is expected to settle on Friday, per the filing.The company will also offer eligible shareholders in Australia and New Zealand a non-underwritten share purchase plan (SPP) to raise up to AU$15 million, allowing subscriptions of up to AU$30,000 per shareholder at AU$4 per share, the filing said.The SPP is scheduled to open on June 23 and close on July 7, with the company reserving the right to accept applications and adjust allocations at its discretion.The proceeds will be used to fund working capital for new works awards and to provide financial flexibility for future acquisition opportunities that offer further geographic diversification or new capabilities, the filing added.

ASX:SXE
Asia

Southern Cross Electrical Raises Fiscal 2026 EBITDA Outlook; Secures AU$150 Million of Work Awards; Launches Capital Raising Initiatives

Southern Cross Electrical Engineering (ASX:SXE) said it is raising its profitability outlook for fiscal 2026 after securing more than AU$150 million of new work awards, according to a Monday filing with the Australian bourse.The awards include one for its Heyday subsidiary for initial electrical and communications works on the first stage of Nextdc's (ASX:NXT) S4 Data Centre at Horsley Park, New South Wales, as well as one for its Trivantage Manufacturing unit to supply low voltage switchroom skids for a facility in Western Sydney.Lastly, the company's SCEE Electrical subsidiary secured a master construction agreement for electrical, instrumentation and controls works from Rio Tinto (ASX:RIO).Southern Cross now expects underlying fiscal 2026 earnings before interest, taxes, depreciation, and amortization (EBITDA) of at least AU$75 million, up from previous guidance of at least AU$72 million.The company also issued fiscal 2027 EBITDA guidance of at least AU$100 million, representing a 33% increase on the outlook for the current fiscal year.Additionally, Southern Cross is launching a AU$150 million fully underwritten institutional placement at an indicative range of AU$3.85 to AU$4 per share, as well as a AU$15 million non-underwritten share purchase plan. The company is also increasing an existing bank guarantee facility to AU$100 million from AU$75 million, adding a new revolving credit facility of AU$50 million to fund working capital needs, and signed a new AU$50 million facility to fund future acquisitions.Following the completion of these capital initiatives, the company expects to have pro forma liquidity of about AU$308.8 million, it said.Southern Cross also appointed Peter Bierton to the newly created role of chief operating officer, effective Aug. 24. Bierton most recently served as the CEO of Mainmark, a ground engineering and asset preservation company.Trading in the company's shares was halted.Nextdc's shares were up almost 4% in recent Monday trade, while Rio Tinto's shares gained roughly 2%.

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