- Navigator Global Investments (NGI) looks to raise $47 million to grab a 19.8 per cent stake in US real estate manager Marble Capital for US$100 million (A$133 million)
- The placement will see around 30.4 million new shares offered at $1.55 each, a 11.4 per cent discount to the last trading price
- Funds from the raise will go towards Navigator grabbing a big slice of Marble Capital
- Navigator has entered into a trading halt to assist the company in managing its continuous disclosure obligations
- Company shares last traded at $1.75 per share on April 6
Navigator Global Investments (NGI) is looking to raise $47 million to grab a 19.8 per cent stake in US real estate manager Marble Capital for US$100 million (A$133 million).
The placement will see around 30.4 million new shares offered at $1.55 each, a 11.4 per cent discount to the last trading price and it is fully underwritten by Jarden Australia.
Additionally, Navigator plans to undertake a share purchase plan (SPP) at the same price as the placement.
Under the SPP, eligible shareholders will be able to buy up to $30,000 worth of new shares. The SPP will be capped at $10 million.
Funds from the raise will be going towards Navigator grabbing a big slice of Marble Capital.
Marble Capital focuses on multifamily real estate developers and operators across key markets in the US.
“This is a strategic and compelling opportunity to invest in a successful and growing asset manager that brings diversification to our existing investment portfolio and will
create value for Navigator shareholders,” Navigator Chairman Michael Shepherd said.
“We look forward to continuing to support the Marble Capital team.”
The transaction is expected to close in late April 2022.
Navigator has entered into a trading halt to assist the company in managing its continuous disclosure obligations. Shares will be paused until Friday, April 8.
Company shares last traded at $1.75 per share on April 6.