Niseko, Hokkaido, Japan.
The Market Online - At The Bell

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

  • Property developer Ultima United (UUL) has released a market update announcing it will continue with plans to raise $20 million in capital
  • The real estate stock first flagged plans to fundraise back in December, now revealing it will push ahead with gaining shareholder approval for the raise
  • Ultima wants to issue 33.6 million shares, at 60 cents each, to raise $20.19 million in capital for a potential land deal in Niseko, Japan
  • The company announced last month it had signed a letter of intent with Infinity Capital Group Japan Development to purchase three lots of land
  • Along with seeking shareholder approval, Ultima announced several Directors would be increasing their shareholding in the company via the raise
  • Ultima United shares are trading down 5.69 per cent at 58 cents each

Property developer Ultima United (UUL) has released a market update announcing it will push ahead with plans to raise more than $20 million for a land purchase.

The real estate stock first flagged plans to fundraise back in December and will now aim to secure the necessary shareholder approval.

Ultima said in today’s update that it would hold a general meeting in February — thought the exact date is still pending.

It’s at this meeting that the company will ask shareholders to sign off on its $20.19 million placement.

All up, Ultima wants to issue 33.6 million shares, at 60 cents each, to raise capital for a potential land deal in Niseko, Japan.

The real estate business announced last month it had signed a letter of intent with Infinity Capital Group Japan Development to purchase three lots of land.

In addition to today’s update on the planned capital raise, Ultima has announced several Directors will increase their shareholding via the placement.

Directors and majority shareholders want to buy $7.3 million under the raise, or approximately 36.37 per cent of the total amount.

Further, majority holder Anthony Loh has also bought 110,000 UUL shares on the open market to increase his stake in Ultima to 8.3 per cent.

Following the market update, Ultima United shares have closed trading down 5.69 per cent at 58 cents each.

UUL by the numbers
More From The Market Online
City Landscape

A data centre in every tower? Centuria Office REIT sees ‘shifting sentiment’ but growth flat

Centuria Office REIT's Head of Funds Management Jesse Curtis has claimed "there is growing evidence of…
Frankston Hospital under construction by Capella Capital employees.

Lendlease offloads Capella Capital to clock $4.5B selling blitz up past halfway mark

Real estate giant Lendlease Group (ASX:LLC) has hit the halfway mark in
Cats and dogs and hornets and spiders and two nation states I wont mention are all like DeepSeek and GPT

A jump in Tesla hasn’t wiped the impact of DeepSeek on ASX data stocks. And we haven’t seen shorts yet

Some national mastheads servicing the great minds of this sunkissed country have on Thursday reported a…