- Ingenia Communities Group (INA) has announced an oversubscribed take up on its security purchase plan, which has finalised the company’s $179.9 million equity raise
- The group initially set its sights on a $25 million commitment from eligible shareholders, but a strong up take from investors nudged the figure up to $27.9 million
- It comes after $150 million was raised from the institutional placement component of the equity raise announced at the end of April
- Approximately 8.1 million new fully paid shares will be issued next week at an issue price of $3.45 per security
- Ingenia CEO Simon Owen, said the company was well funded to begin identifying attractive investment opportunities moving forward
- Ingenia finished the day positively, up 2.8 per cent with shares selling for $4.40 each
Ingenia Communities Group (INA) has announced an oversubscribed take up on its security purchase plan, which has finalised the company’s $180 million equity raise.
The lifestyle development group had initially set its sights on a $25 million commitment from eligible shareholders, but a strong up take from investors nudged the figure up to $27.9 million.
Approximately 8.1 million new fully paid shares will be issued next week at an issue price of $3.45 per security as a result of the security purchase plan.
It’s a nice cherry on top for the company, which recently completed the $150 million institutional component of the equity raise.
Ingenia said the proceeds will be utilised to grow the group’s asset base.
The group has $352 million in cash and available undrawn debt following completion of the placement, and it said it will be well capitalised and able to take advantage of emerging market dislocation.
“With two acquisitions announced on 27 May and further assets under assessment, we are confident of continuing to deploy capital as we identify attractive investment opportunities.”
Ingenia Chief Executive Officer, Simon Owen.
The company’s stable rental cash flow has seen them stay a float during the uncertain times surrounding the COVID-19 pandemic, and look to be in a good position to attack the second half of 2020.
Ingenia finished the day positively, up 2.8 per cent with shares selling for $4.40 each.