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- Release Date: 06/08/13 11:33
- Summary: RIGHT: ARG: Argosy Capital Raising Successfully Completed
- Price Sensitive: No
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ARG
06/08/2013 09:33
RIGHT
REL: 0933 HRS Argosy Property Limited
RIGHT: ARG: Argosy Capital Raising Successfully Completed
Argosy Property Limited today announced the successful completion of its 1
for 7 pro-rata renounceable rights offer. The completion of the rights offer
and shortfall bookbuild will result in receipt of funds totalling $86.9
million and will enable Argosy to repay bank debt incurred to complete recent
acquisitions and provide the Company with the balance sheet flexibility to
pursue property acquisitions that fit within Argosy's investment criteria.
The rights offer (at $0.89 per new share) received strong shareholder support
with approximately 87.2 million new shares taken up by shareholders
(representing approximately 89.3% of the new shares available under the
rights offer).
New shares attributable to rights of shareholders who did not participate
were sold through a shortfall bookbuild that was completed today, providing a
premium to those non-participating shareholders of 7.5 cents per share not
taken up. The premium will be paid pro-rata to holders of unexercised
rights, with despatch of payments expected to occur on 16 August 2013. First
NZ Capital, as lead manager, managed the shortfall bookbuild for Argosy.
Mike Smith, Argosy's Chairman, said, "The Board is very pleased with the
outcome of the capital raising, which was well received by the Company's
existing institutional and retail shareholders. The Board wishes to thank
all shareholders for their continued support of the Company."
The new shares subscribed for under the rights offer and the shortfall
bookbuild are expected to be allotted on 9 August 2013 and to commence
trading on the NZX Main Board on 12 August 2013.
End CA:00239320 For:ARG Type:RIGHT Time:2013-08-06 09:33:47
