Total
0
Shares
Ingenia Communities (ASX:INA) - CEO & Managing Director, Simon Owen
CEO & Managing Director, Simon Owen
Source: Finance News Network
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Ingenia Communities Group (INA) has announced an oversubscribed take up on its security purchase plan, which has finalised the company’s $179.9 million equity raise
  • The group initially set its sights on a $25 million commitment from eligible shareholders, but a strong up take from investors nudged the figure up to $27.9 million
  • It comes after $150 million was raised from the institutional placement component of the equity raise announced at the end of April
  • Approximately 8.1 million new fully paid shares will be issued next week at an issue price of $3.45 per security
  • Ingenia CEO Simon Owen, said the company was well funded to begin identifying attractive investment opportunities moving forward
  • Ingenia finished the day positively, up 2.8 per cent with shares selling for $4.40 each

Ingenia Communities Group (INA) has announced an oversubscribed take up on its security purchase plan, which has finalised the company’s $180 million equity raise.

The lifestyle development group had initially set its sights on a $25 million commitment from eligible shareholders, but a strong up take from investors nudged the figure up to $27.9 million.

Approximately 8.1 million new fully paid shares will be issued next week at an issue price of $3.45 per security as a result of the security purchase plan.

It’s a nice cherry on top for the company, which recently completed the $150 million institutional component of the equity raise.

Ingenia said the proceeds will be utilised to grow the group’s asset base.

The group has $352 million in cash and available undrawn debt following completion of the placement, and it said it will be well capitalised and able to take advantage of emerging market dislocation.

“With two acquisitions announced on 27 May and further assets under assessment, we are confident of continuing to deploy capital as we identify attractive investment opportunities.”

Ingenia Chief Executive Officer, Simon Owen.

The company’s stable rental cash flow has seen them stay a float during the uncertain times surrounding the COVID-19 pandemic, and look to be in a good position to attack the second half of 2020.

Ingenia finished the day positively, up 2.8 per cent with shares selling for $4.40 each.

INA by the numbers
More From The Market Herald

" Rio Tinto (ASX:RIO) fined over worker heat stress death

Rio Tinto (RIO) has been fined $80,000 and forced to pay $7500 in costs today after three employees were exposed to extreme conditions
Dicker Data (ASX:DDR) - Chairman and CEO, David Dicker (left)

" Dicker Data (ASX:DDR) soars after announcing profit increase

Dicker Data (DDR) shares have soared after the ASX-200 lister posted a 26 per cent increase in profit before tax over the last

" Pilbara Minerals (ASX:PLS) and POSCO to form JV for South Korean LHM facility

Pilbara Minerals (PLS) has come out of a trading halt this morning after announcing it will form a joint venture (JV) with South
Regis Resources (ASX:RRL) - Managing Director and CEO, Jim Beyer

" Regis Resources (ASX:RRL) shares dip on soft quarterly gold production, sales

Gold miner Regis Resources (RRL) has slipped in early trade after flagging soft quarterly production and sales figures over the three months to