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Lendlease Group (ASX:LLC) - CEO & Managing Director, Stephen McCann - The Market Herald
CEO & Managing Director, Stephen McCann
Source: The Australian
  • Construction company Lendlease (LLC) has completed its share purchase plan and raised $260 million
  • First announced in late April, the share purchase plan originally aimed to raise $200 million but that figure was increased due to high demand
  • The company had received approximately $429.4 million worth of applications from 24,700 security holders
  • Given this strong demand, the allocation of shares needed to be scaled back
  • This money will allow Lendlease to be well positioned as it delivers its development pipeline
  • Lendlease has ended the day a slight 0.77 per cent in the red with shares trading for $12.93 each

Construction company Lendlease (LLC) has completed its share purchase plan and raised $260 million.

First announced in late April, the share purchase plan originally aimed to raise $200 million but that figure was increased due to high demand.

The company had received approximately $429.4 million worth of applications from 24,700 security holders with the average application worth $17,400.

Given this strong demand, the allocation of shares needed to be scaled back.

A total of 26.5 million securities will now be issued to retail and institutional security holders.

Lendlease now has $1.21 billion available, $950 million from a previously completed placement and the $260 million from the share purchase plan.

This money will allow the company to be well positioned as it delivers its development pipeline, and allow it to take advantage of development and investment opportunities at the market stabilises.

Shares are expected to be issued on June 4 and begin trading on the ASX on June 5.

Lendlease has ended the day a slight 0.77 per cent in the red with shares trading for $12.93 each. The company has a market cap worth $8.622 billion.


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