- Australian Rural Capital (ARC) is set to raise around $3.1 million through a fully underwritten pro rata non-renounceable entitlement offer
- The agribusiness investment company will issue 14.89 million new shares to eligible shareholders
- Shareholders will also get the option to subscribe for one new share for every existing share held
- Australian Rural Capital will use the money to seek new potential investments, replenish its financial position and cover the cost of the entitlement offer
- Once the entitlement offer is completed, the new shares will commence trading on the ASX on Friday, June 4
- Australian Rural Capital ended the day trading flat at 22 cents
Australian Rural Capital (ARC) is conducting a fully underwritten pro rata non-renounceable entitlement offer to raise around $3.1 million.
The agribusiness investment company will issue 14.89 million new shares to eligible shareholders who’ll also be given the option to subscribe for one new share for every one existing ARC share held at 5.00pm on Thursday, May 13, 2021.
ARC’s largest shareholder, Capital H Management, holds a 19.91-per-cent interest in the company and has committed to subscribe for its entire entitlement in the offer.
Australian Rural Capital will use the money to seek new potential investments, replenish its financial position and cover the cost of the entitlement offer.
This capital raise follows a recent placement which was completed in March. The company raised $388,000 to fund investment opportunities and working capital.
The entitlement offer will be open from Tuesday, May 18 to Friday, May 28.
The new shares will commence trading on the ASX on Friday, June 4.
Australian Rural Capital ended the day trading flat at 22 cents.