The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Steadfast Group (SDF) raises $225 million through its institutional placement to fund its ongoing acquisitions of the Trapped Capital pipeline
  • The company will issue about 43.8 million new shares at $5.14 each, representing a 3.2 per cent discount to the dividend-adjusted last close price on Tuesday of $5.31
  • Given the allotment of the new shares will take place after the ex-dividend date, there will be no entitlement for a FY22 dividend
  • Shares are trading 1.86 per cent lower today to close at $5.29

Steadfast Group (SDF) has raised $225 million through its institutional placement to fund its ongoing acquisitions of the Trapped Capital pipeline.

The company will issue about 43.8 million new shares at $5.14 each, representing a 3.2 per cent discount to the dividend-adjusted last close price on Tuesday of $5.31.

Given the allotment of the new shares will take place after the ex-dividend date, there will be no entitlement for a FY22 dividend.

SDF has planned to offer eligible shareholders the opportunity to subscribe for new shares at the same price as the placement or at a one per cent discount to the five-day volume weighted average price.

Managing Director and CEO Robert Kelly said he was pleased with the level of interest seen in the placement.

“Pleasingly, the institutional placement was strongly supported and priced at a premium to the underwritten floor price,” he said.

Shares were trading 1.86 per cent lower today to close at $5.29.

SDF by the numbers
More From The Market Online
The Market Online Video

Timing will be everything for ‘smashing’ Hot Stock tip Judo Capital Holdings

Australian bank Judo Capital Holdings (ASX:JDO), best known for its finance and credit for small and medium-sized businesses, is
ATO webpage

Ellison slapped with $20M sanction from MinRes but will stay on as leader – for now

Mineral Resources has unveiled its long-awaited corporate response to allegations surrounding its top dog Chris Ellison.

Westpac records 3% fall in net profit for FY24

Westpac Banking Corporation has reported its final year results for FY24, showing a net profit fall…
AI image representing commodity price trends

Waning appetites for green metals and the ‘comfortable’ safe haven of gold: Thoughts on investment and commodities

Lithium's past highs and recent lows, in addition to copper's rally and gold's strong performance are…