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Source: ONE News
Online accounting system provider Xero is raising $23.2 million to fund its expansion in the United Kingdom.
The company on Tuesday announced its offer to key investors at 90 cents a share.
Xero says key investors include Craig Winkler, a founder and former major shareholder of Australian based accounting software company MYOB, and Trade Me founder Sam Morgan who is an independent director of Xero.
The company will also look to offer a share purchase plan to existing shareholders at the same price.
Xero joins a host of other companies who have recently announced capital raising plans such as Fletcher Building, Nuplex and Freightways.
However, Xero says unlike these companies it is not using the funds to pay down debt and restore balance sheets.
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