- Cleanaway Waste Management (CWY) launches $400 million capital raise program to fund its BluePrint 2030 strategy
- This includes its purchase of Global Renewables Holdings (GRL), in which the company agreed to buy a 100 per cent interest for just over $168 million
- GRL is a licensed composting facility that processes about 20 per cent of Sydney’s red bin household waste
- The company plans a fully underwritten $350 million institutional placement and a $50 million non-underwritten share purchase plan, in which shares will be issued at $2.50 each
- Shares are trading flat today at $2.71 each at 1:14 pm AEST
Cleanaway Waste Management (CWY) has launched $400 million capital raise program to fund its BluePrint 2030 strategy.
This includes its acquisition of Global Renewables Holdings (GRL), in which the company has executed a binding agreement to purchase a 100 per cent interest for $168.5 million.
GRL is a licensed composting facility that processes about 20 per cent of Sydney’s red bin household waste.
Cleanaway plans to make upgrades to the facility, including spending of between $40 to $45 million to enclose the compost maturation area.
CEO and Managing Director Mark Schubert said the acquisition marked an important step of its BluePrint 2030 strategy.
“The site and facility provide a strategic location and infrastructure to enhance our broader network and customer offering today and into the future as we position ourselves for the growing FOGO market opportunity,” he said.
To fund these activities, the company has planned a fully underwritten $350 million institutional placement and a $50 million non-underwritten share purchase plan (SPP).
Shares will be issued at $2.50 each, representing a 7.7 per cent discount to its closing price on August 18.
Shares were trading flat today at $2.71 each at 1:14 pm AEST.