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- EQT Holdings (EQT) successfully completes a placement and institutional entitlement offer and raises $90 million
- The placement raised roughly $40 million while the institutional entitlement offer raised the remaining $49 million
- EQT will now undertake a retail entitlement offer to raise a further $35 million, bringing the total amount raised to $125 million
- The money from the equity raising will be used to fund the acquisition of Australian Executor Trustees (AET) and pay associated transaction and integration costs
- EQT ends the day a slight 0.52 per cent in the red to close at $25.12
EQT Holdings (EQT) has successfully completed a placement and institutional entitlement offer and raised $90 million.
The placement raised roughly $40 million via the issue of 1.7 million new shares to existing and new shareholders at an offer price of $24.
This price represents a 5.7 per cent discount to EQT’s closing price of $25.46 on August 18 and a 4.7 per cent discount to the theoretical ex-rights price of $25.17.
The remaining $49 million was raised under the institutional entitlement offer with institutional shareholders receiving one share for every six held.
It was strongly supported with a take-up rate of 99 per cent.
Shares under both components are expected to settle on August 31 and begin trading on September 1.
EQT will now undertake a retail entitlement offer to raise a further $35 million, bringing the total amount raised to $125 million.
The retail offer will be on the same terms as the institutional offer with shareholders to subscribe for one new share for every six held at an offer price of $24.
Participants that take up their full entitlement may also apply for up to a further 50 per cent of their entitlement.
EQT will use the money from the equity raising to fund the acquisition of Australian Executor Trustees (AET) and pay associated transaction and integration costs.
Established in 1880, AET is Australia’s largest and most experienced non-government provider of professional trustee services.
It offers wills and estate planning, executor services, trustee services, philanthropic services and self-managed superannuation solutions.
The acquisition of AET will add scale to EQT’s Private Client Services business and build scale in WA and South Australia and enhance its presence in Queensland and NSW.
EQT has ended the day a slight 0.52 per cent in the red to close at $25.12.
