Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Abacus Property Group (ABP) has completed the retail component of its one-for-4.8 non-renounceable entitlement offer and raised $46 million
  • On December 8, the real estate investment company revealed it is aiming to raise $402 million to fund future acquisitions and repay its debt
  • Securities were priced at $2.90, representing a 6.5 per cent discount to the closing price of $3.10 on December 7
  • Abacus received $16.5 million in applications and $4.3 million via the oversubscribed facility
  • The remaining securities that were not taken up will be allocated to various institutional investors who have sub-underwritten the offer
  • The securities are expected to be allocated on December 31 and begin trading on the ASX on January 4
  • Abacus is up a slight 0.35 per cent on the market with shares currently trading at $2.89

Abacus Property Group (ABP) has completed the retail component of its one-for-4.8 non-renounceable entitlement offer and raised $46 million.

On December 8, the real estate investment company revealed it is aiming to raise $402 million to fund future acquisitions and to repay its debt.

A day later on December 9, Abacus revealed it had successfully completed the institutional component of the offer and raised $356 million.

Securities were priced at $2.90, representing a 6.5 per cent discount to the closing price of $3.10 on December 7.

All up, 1896 applications for retail entitlements were received for $16.5 million — representing a take-up of roughly 36 per cent.

Additionally, 1.5 million new securities, totalling $4.3 million, were accepted under the oversubscription facility.

The 8.7 million securities that were not taken up under the offer will be allocated to various institutional investors who have sub-underwritten the offer.

The securities are expected to be allocated on December 31 and begin trading on the ASX on January 4.

“We are extremely pleased with the support we have received from our retail securityholders who participated in the retail entitlement offer,” Managing Director Steven Sewell said.

“In addition to proceeds raised under the institutional component of the entitlement offer, proceeds raised under the retail entitlement offer will allow Abacus to extend its strong track record of long-term value enhancing investments in the key sectors of office and self storage,” he added.

Abacus is up a slight 0.35 per cent on the market with shares trading at $2.89 at 2:25 pm AEDT.

ABP by the numbers
More From The Market Herald
Carsales (ASX:CAR) - Managing Director and CEO, Cameron McIntyre

" Carsales.com (ASX:CAR) raises $842m for Trader Interactive acquisition

Carsales.com (ASX:CAR) has raised $842 million from its institutional entitlement offer to help fund its acquisition…
The Market Herald Video

" Pilbara Minerals (ASX:PLS) set to increase production at Pilgangoora

Pilbara Minerals (ASX:PLS) is set to increase spodumene production at its Pilgangoora operation to 680,000 dry…
The Market Herald Video

" Liontown Resources (ASX:LTR) lands offtake agreement with Ford, reaches FID decision

Liontown Resources (ASX:LTR) has executed a binding offtake agreement and funding facility with global automaker, Ford.
The Market Herald Video

" Northern Star Resources (ASX:NST) looks to expand Kalgoorlie Super Pit

Gold miners Northern Star Resources (ASX:NST) flags potential to spend up to $1.4 billion to expand…