Cromwell Property Group this week announced the successful completion of its accelerated non-renounceable entitlement offer of stapled securities, raising approximately $228 million.
The institutional component of the entitlement offer raised approximately $181 million. The retail component closed at 5.00pm (AEDT) on Thursday, 13 December 2018 and raised approximately $46 million.
“We are very pleased with the result of the entitlement offer,” Cromwell’s managing director and CEO Paul Weightman said.
“The entitlement offer raised approximately $228 million, which exceeded the committed amount of $210 million,” he said.
“We will now look to deploy the funds when suitably accretive value-add opportunities present themselves.”
Under the Retail Entitlement Offer, eligible retail securityholders were able to apply for their entitlement as well as additional securities in excess of their entitlement up to a maximum of an additional 50 per cent of their original entitlement.
Eligible retail securityholders took up approximately $46 million including applications for additional new securities. This also includes applications by retail securityholders who applied early and were allotted new securities on the same day as securities that were allotted under the institutional entitlement offer. Retail investors represented a participation rate of approximately 39 per cent. Approximately 47 million securities will be issued under the retail entitlement offer.
New Securities issued in relation to final acceptances under the retail entitlement offer will be allotted on Wednesday, 19 December 2018 and commence normal trading on Thursday, 20 December 2018. Holding statements will be dispatched on Thursday, 20 December 2018.
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