- 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.