Join our daily newsletter At The Bell to receive exclusive market insights
- Johns Lyng Group (JLG) has raised a further $9 million through the retail component of an entitlement offer
- The construction business previously brought in $221 million via a placement and the institutional component of the same entitlement offer
- Under the entitlement offer, shareholders were offered one new JLG security for every 35.91 shares already held
- John Lyng Group also advised its acquisition of Reconstruction Experts via share purchase agreement has now been completed
- Shares in JLG ended the day down 0.79 per cent at $8.82 per share
Johns Lyng Group (JLG) has raised a further $9 million through the retail component of an entitlement offer.
The construction and building services business previously brought in $221 million via a placement and the institutional component of the entitlement offer.
Under this latest offer, shareholders were offered one new JLG security for every 35.91 shares already held.
Eligible shareholders took up 1.1 million of the share on offer, raising approximately $7.2 million, and representing a take-up rate of 81 per cent.
The top-up facility was then oversubscribed, prompting JLG to scale back over-subscriptions to 62 per cent of each shareholder’s entitlement.
The new shares under the offer will settle on January 7, before the shares are issued on January 10.
John Lyng Group also advised today that its acquisition of Reconstruction Experts, via a share purchase agreement, has now been completed.
Company shares ended the day down 0.79 per cent at $8.82 per share.
