Xero raises $5.8m, appoints Winkler to board

Published: 11:01AM Friday May 22, 2009 Source: NZPA

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Online accounting software company Xero raised $5.8 million in a share purchase plan that closed on Monday.

The company said 70% of shareholders opted to buy up to $5,000 worth of shares at a purchase price of 90 cents.

The plan took to $29 million the amount of capital raised recently by Xero, which last month reported raising $23.2 million through a strategic placement.

Craig Winkler, co-founder and former CEO of MYOB, who was a major investor in the strategic placement, joined the Xero board on Wednesday.

Xero's share price was down 2 cents in early trade on Friday to $1.35, having ranged between 67 cents and $1.70 in the past year.

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