Close the Loop raising $40m for US acquisition at nil discount

ASX-listed sustainability-focused recycling business Close The Loop has found a US acquisition it likes enough to ask investors to tip in $40 million at no discount.Fund managers were told the company had hammered out a deal to buy 100 per cent of Texas-based refurbished electronics business ISP Tek Services, in a move that would help it hone in on resources recovery in the US.

ISP made $US49 million revenue in the 12 months to October and had $US13.7 million net profit after tax. It had hired Shaw and Partners and Aitken Mount as joint lead managers for the raising, which was at 33 cents per share, the same price as the last close but a 10.4 per cent discount to the 10-day volume weighted average price. The brokers launched the deal this morning with enough interest already to get it over the line.

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