Bhagwan Marine Clears New Share Issue After Riverside Marine Acquisition

Bhagwan Marine Ltd. ( (AU:BWN) ) has shared an announcement.

Bhagwan Marine Limited has issued a total of 81,951,220 new fully paid ordinary shares, including placements to institutional, sophisticated and professional investors, as well as to directors and related parties, at an issue price of $0.41 per share. In addition, a significant parcel of shares has been issued to the vendors of Riverside Marine as consideration for its acquisition, underscoring Bhagwan Marine’s strategy to grow via corporate transactions.

The company has released a cleansing notice under section 708A(5)(e) of the Corporations Act, confirming that these new shares were issued without a prospectus but now qualify for immediate trading. By confirming compliance with key continuous disclosure and reporting obligations, Bhagwan Marine enables liquidity for the new securities and provides regulatory clarity for investors participating in the placement and the Riverside Marine acquisition.

The most recent analyst rating on (AU:BWN) stock is a Hold with a A$0.44 price target. To see the full list of analyst forecasts on Bhagwan Marine Ltd. stock, see the AU:BWN Stock Forecast page.

More about Bhagwan Marine Ltd.

Bhagwan Marine Limited is an Australia-based marine services company listed on the ASX under the ticker BWN. The company operates in the maritime and offshore services sector, providing vessel-based solutions and related marine support, with a strategic focus on expanding its fleet and capabilities through acquisitions such as Riverside Marine.

Average Trading Volume: 398,665

Technical Sentiment Signal: Sell

Current Market Cap: A$130.8M

For an in-depth examination of BWN stock, go to TipRanks’ Overview page.