Total
0
Shares
PointsBet (ASX:PBH) successfully raises $81m
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • PointsBet (PBH) successfully completes the institutional component of its entitlement offer and raises $81 million
  • Roughly 10 million new shares were issued to institutional shareholders at $8 with a take up of around 78 per cent
  • PointsBet will now undertake the retail component of the entitlement offer which is set to open on August 6 and close on August 20
  • The company will use the money to support its North American marketing and client acquisitions and strengthen its balance sheet
  • Shares in PointsBet are down 10.1 per cent on the market and are trading at $9.85 at 10:41 am AEST

PointsBet (PBH) has successfully completed the institutional component of its entitlement offer and raised $81 million.

The bookmaker entered a trading halt on July 29, stating it was planning to undertake a $400 million capital raising.

This capital raising consists of a one for nine pro-rata renounceable entitlement offer to raise $184.9 million and a $215.1 million placement.

Roughly 10 million new shares were issued to institutional shareholders at $8 with a take up of around 78 per cent.

Shares are expected to be issued on August 11 and be allocated and begin trading on the ASX on August 12.

A bookbuild for the shortfall was also undertaken with shares priced at $10, representing a premium of 25 per cent to the entitlement offer price.

Additionally, eligible shareholders who did not choose to take up their entitlements will receive $2 for each entitlement sold through the bookbuild.

PointsBet will now undertake the retail component of the entitlement offer which is set to open on August 6 and close on August 20.

Any entitlements not taken up under the retail entitlement offer will be sold via the retail shortfall bookbuild.

PointsBet has previously stated it will use the money to support its North American marketing and client acquisitions, manage technology and product development, and strengthen its balance sheet.

Shares in PointsBet were down 10.1 per cent on the market and trading at $9.85 at 10:41 am AEST.

PBH by the numbers
More From The Market Herald
Brickworks (ASX:BKW) - Managing Director, Lindsay Partridge - The Market Herald

" Brickworks (ASX:BKW) lays down $239m profit and increases dividend

Leading brick and paver manufacturer Brickworks has tabled its full year results, revealing a statutory net profit after tax of $239 million and
Commonwealth Bank (ASX:CBA) - CEO, Matt Comyn - The Market Herald

" Commonwealth Bank (ASX:CBA) faces 30 criminal charges for insurance sales

The investments watchdog has brought 30 criminal charges against Commonwealth Bank (CBA) for its promotion and sale of insurance between 2011 and 2015....
CIMIC Group (ASX:CIM) - Executive Chairman & CEO, Juan Santamaria - The Market Herald

" CIMIC’s (ASX:CIM) CPB Contractors wins Western Sydney Airport bid

CIMIC (CIM) Group company CPB Contractors, with its joint venture partner Acciona, has been chosen to deliver Western Sydney International Airport airside civil
Fortescue Metals (ASX:FMG) - - The Market Herald

" Fortescue Metals (ASX:FMG) signs joint venture with Wintawari Corporation

Fortescue Metals (FMG) has signed a co-management framework with members of Wintawari Guruma Aboriginal Corporation.