Generation Development Group (ASX:GDG)- Chairman, Rob Coombe
Chairman, Rob Coombe
Source: GDG
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Generational Development Group (GDG) has opened the third stage of its capital raising, a retail entitlement offer
  • The company has already raised $30 million through an institutional placement and the institutional component of the entitlement offer
  • Under this latest component, eligible shareholders will receive one new share for every 6.7 already held
  • The new shares will be priced at 70 cents each, the same price as the placement and institutional entitlement offer
  • GDG has already outlined how it plans to spend the capital raised, with two-thirds of it to be put towards acquiring a stake in Lonsec Holdings
  • Shares in Generational Development Group ended the day up 1.3 per cent at 78 cents each

Generational Development Group (GDG) has opened the third stage of its recently announced capital raise, a retail entitlement offer.

The company has already raised $30 million through a successful institutional placement and the institutional component of the entitlement offer.

Under this latest offer, the retail entitlement component, eligible shareholders can subscribe to receive one new share for every 6.7 already held.

The new shares will be priced at 70 cents, which is the same price offered to those buying into the placement and institutional entitlement offer.

Additionally, the offer has been fully underwritten by Morgans Corporate and Moelis Australia Advisory.

At this stage, the retail offer is set to close on October 5, with new shares expected to be issued on October 12.

GDG has already outlined how it plans to spend the over $30 million in additional capital it plans to raise, stating around two-thirds of the funds will be put towards an acquisition.

Specifically, the company wants to purchase a 37 per cent stake in research firm, Lonsec Holdings for a price of $20 million.

While the remaining capital will be towards funding the creation of a new annuity product for GDG.

Shares in Generational Development Group have ended today’s session up a slight 1.3 per cent at 78 cents each.

GDG by the numbers
More From The Market Online
An ANZ bank on a shopping strip

ANZ takes $250M hit from APRA over ‘risk culture’ after talks

ANZ, one of Australia's four major banks will be carrying a $250 million overlay following discussions…
Australian flag

RBA keeps rates on hold as world awaits Trump tariff fallout

The Reserve Bank of Australia (RBA) has kept the national interest rate on hold in line…
ANZ stock concept

Canberra to pay ANZ $2B to stay in Pacific for 10 years as soft power concerns roll on

ANZ Bank has confirmed it's entered into a 10-year arrangement with the Australian Government to offer…
RBI concept

Findi halts ahead of announcement on Indian ATM fee increases

Findi (ASX:FND), a company building out ATMs in Indian cities, has issued a trading halt on…