- Generation Development Group (GDG) has concluded the third stage of its $35 million equity raise
- The insurance company, which has offices in Sydney and Melbourne, closed the retail component of its one-for-6.7 entitlement offer on Monday, October 5
- Roughly 80 per cent of investors took part in the retail portion, subscribing for nearly eight million new shares at 70 cents each
- Now, underwriters Morgans Corporate and Moelis Australia Advisory will subscribe for two million shortfall shares, raising the remaining $1.4 million
- The retail component is the final stage of GDG’s latest capital raise, which will help the group buy a 37 per cent stake in research firm Lonsec Holdings
- Following today’s announcement, GDG shares ended the week up 1.37 per cent, worth 74 cents after Friday’s bell
Generation Development Group (GDG) has concluded the third stage of its $35 million equity raise.
The insurance company, which has offices in Sydney and Melbourne, closed the retail component of its entitlement offer on Monday, October 5.
GDG’s offer announced back in late September, gave investors the chance to subscribe for one new share for every 6.7 held. It included an institutional placement to raise $21.9 million, a fully underwritten institutional entitlement offer to raise $8.1 million, and a retail entitlement offer to raise $5 million.
According to the company, roughly 80 per cent of investors took part in the retail offer, subscribing for nearly eight million new shares at 70 cents each.
As a result, underwriters Morgans Corporate and Moelis Australia Advisory will pick up the remaining shares under a shortfall agreement. All up, the underwriters will subscribe for just over two million shares to raise the remaining $1.4 million.
The retail component is the final stage of GDG’s latest capital raise, which will help the group buy a 37 per cent stake in research firm Lonsec Holdings.
Shares issued under the retail offer should settle today, be issued on Monday and commence trade on Tuesday, October 13.
Following today’s announcement, GDG shares ended the week up 1.37 per cent, worth 74 cents after Friday’s bell.