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Why is Aconex Limited crashing?

April 14, 2016 | Team Kalkine
Why is Aconex Limited crashing?

Aconex Limited

Industry: Information Technology


ACX Details
  • Boosting capital position via share purchase plan: Aconex Ltd (ASX: ACX) surged over 47.2% in the last six months (as of April 13, 2016) driven by its strong updates which includes performance, Conject acquisition and Enterprise agreement with Fluor. The group recently reported that they would raise $12.0 million via its share purchase plan as compared to its earlier $5.0 million of funds given the outstanding response from investors. On the other hand, the group reported that they would issue the new shares at $5.20 per share, at par with its share placement during March 2016. Moreover, management gave an update that they need to “scale back the applications” even though they received good response. Accordingly, ACX stock fell over 4.6% on April 14, 2016, and we believe that the pressure in the stock may continue.
  • Recommendation: We give a “Expensive” recommendation on this stock at the current price of $6.01
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