Ann: Capital Raising Announcement, page-50

Bell Potter starts Pointsbet institutional shortfallbookbuild

Oct 30, 2019 — 6.26pm

Bell Potter has kicked off an institutional shortfall bookbuild for online bookmaker Pointsbet.

Pointsbet chair and well known face in Australian financial markets Brett Paton. Mirek Rzadkowski

The broker launched an auction for 4.6 million Pointsbet shares left over from the institutional portion of the entitlement offer after market on Wednesday.

The institutional shortfall bookbuild would be undertaken in 5¢ increments with a floor price of $3.20, according to terms sent to fund managers. Bids were due by midday Thursday.

Pontsbet announced on Monday its plans to raise $122.1 million via a fully underwritten capital raising.

The raising was made up of a $60 million institutional placement and a 1 for 6 accelerated pro rata entitlement offer with retail entitlements trading to raise $62.1 million.

The institutional component of the entitlement offer aimed to raise $25.9 million. Investors took up approximately 3.5 million shares, or 44 per cent of their entitlements.

A retail entitlement offer to raise $36.1 million is set to take place in a week.