Placement helps fills MSL rights issue

The issue was conditional on subscriptions for 1.7 million shares and although current shareholders only applied for 1.5 million, the slack was taken up by a placement.

"The directors could place any shares not subscribed for through the exercise of the rights under the offer," MSL says.

"The company received applications for all of the 297,581 shares not subscribed for through the exercise of rights under the offer. As a consequence all 1.8 million shares offered under the offer have been subscribed for."

MSL says an agreement with Mooring International Limited for the sale and purchase of its assets and business is now unconditional and the company is proceeding to settle the acquisition.

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