- Downer EDI (DOW) has completed the retail component of its entitlement offer, raising $68 million
- This retail component forms part of the company’s one for 5.58 accelerated pro rata non-renounceable entitlement offer
- Approximately 18 million shares are expected to be issued on August 21 and will begin trading on the ASX on August 24
- On July 21, Downer announced that it is looking to raise $400 million to purchase the remaining shares in Spotless Group
- The funds will allow Downer to focus on its core businesses of transport and utilities, as it plans to leave the mining and industries sectors
- Downer is down a slight 1.42 per cent and shares are trading for $4.18 each
Downer EDI (DOW) has completed the retail component of its entitlement offer, raising $68 million.
This retail component forms part of the company’s one for 5.58 accelerated pro rata non-renounceable entitlement offer.
Shares were priced at $3.75 each, repressing a 12 per cent discount to Downer’s closing price on July 20 of $4.26.
On July 21, Downer announced that it is looking to raise $400 million to purchase the remaining shares in Spotless Group.
The money will allow Downer to focus on its core businesses of transport and utilities, as it plans to leave the mining and industries sectors.
Eligible shareholders subscribed for approximately 9.2 million new shares under the retail entitlement offer, representing a 51 per cent take-up.
Around 8.8 million shares, representing what wasn’t taken up, will be allocated to sub-underwriters.
Approximately 18 million shares are expected to be issued on August 21 and will begin trading on the ASX on August 24.
Downer is down a slight 1.42 per cent and shares are trading for $4.18 each at 2:41 pm AEST.