- Generational Development Group (GDG) has opened the third stage of its capital raising, a retail entitlement offer
- The company has already raised $30 million through an institutional placement and the institutional component of the entitlement offer
- Under this latest component, eligible shareholders will receive one new share for every 6.7 already held
- The new shares will be priced at 70 cents each, the same price as the placement and institutional entitlement offer
- GDG has already outlined how it plans to spend the capital raised, with two-thirds of it to be put towards acquiring a stake in Lonsec Holdings
- Shares in Generational Development Group ended the day up 1.3 per cent at 78 cents each
Generational Development Group (GDG) has opened the third stage of its recently announced capital raise, a retail entitlement offer.
The company has already raised $30 million through a successful institutional placement and the institutional component of the entitlement offer.
Under this latest offer, the retail entitlement component, eligible shareholders can subscribe to receive one new share for every 6.7 already held.
The new shares will be priced at 70 cents, which is the same price offered to those buying into the placement and institutional entitlement offer.
Additionally, the offer has been fully underwritten by Morgans Corporate and Moelis Australia Advisory.
At this stage, the retail offer is set to close on October 5, with new shares expected to be issued on October 12.
GDG has already outlined how it plans to spend the over $30 million in additional capital it plans to raise, stating around two-thirds of the funds will be put towards an acquisition.
Specifically, the company wants to purchase a 37 per cent stake in research firm, Lonsec Holdings for a price of $20 million.
While the remaining capital will be towards funding the creation of a new annuity product for GDG.
Shares in Generational Development Group have ended today’s session up a slight 1.3 per cent at 78 cents each.