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- ANZ (ANZ) completes the institutional component of its $3.5 billion entitlement offer, raising gross proceeds of approximately $1.7 billion
- The company says the institutional offer was well supported by shareholders with 95 per cent of entitlements taken up
- Entitlements that weren’t will be sold in the institutional shortfall bookbuild at $21.65 per new share, $2.75 above the offer price
- The retail entitlement offer is due to open on July 26 and, like the institutional component will help fund the $4.9 billion purchase of Suncorp’s (SUN) banking business
- Shares in ANZ are down a slight 0.6 per cent, trading at $21.34 as of 11:43 am AEST
ANZ (ANZ) has completed the institutional component of its $3.5 billion entitlement offer, raising gross proceeds of approximately $1.7 billion.
The institutional offer issued around 89 million new shares at $18.90 each which marks a 12.7 per cent discount to the company’s closing price of $21.64 on Friday, July 15.
The company said the institutional entitlement offer was supported by its institutional shareholders with around 95 per cent of entitlements taken up.
ANZ also said the institutional shortfall bookbuild was well supported by eligible institutional shareholders and new investors.
Entitlements not taken up by eligible institutional shareholders and entitlements of ineligible institutional shareholders were sold and cleared in the institutional shortfall bookbuild at $21.65 per new share, $2.75 above the offer price.
These new shares will be allotted and begin normal trading on August 1 and will rank equally with existing ANZ shares.
The retail entitlement offer component is due to open on July 26 and eligible retail shareholders will have the opportunity to participate in the retail entitlement offer at the same offer price and offer ratio as the institutional offer.
ANZ has confirmed that retail entitlements not taken up by the time the retail entitlement offer is closed will be sold under the retail shortfall bookbuild to be conducted on August 18.
The tentative settlement date of new shares is August 23 with the allotment to take place on August 24, commencing trading on August 25.
As announced earlier this week, the money raised in the entitlement offer is going towards the $4.9 billion acquisition of Suncorp’s (SUN) banking business.
Shares in ANZ were down a slight 0.6 per cent, trading at $21.34 as of 11:43 am AEST.
