BIR - ASX Company Announcement THIS IS A PRIORITY ITEM 1 November 2002 Part 1/1 -------- BURSWOOD LIMITED ---------------- HOMEX - Perth ------------------------- Capital Raising Burswood Limited advises that it has successfully raised $35 million through a placement of approximately 53 million shares at a price of $0.66 per share. The Company will also make an offer via a Share Purchase Plan so that all its shareholders in Australia and New Zealand are able to purchase up to $5,000 worth of ordinary shares in the Company at or below the placement price. The placement was well supported by a combination of existing shareholders and new investors. ASX granted a waiver of Listing Rule 10.11 to allow TPIC Limited, a company controlled by Burswood director Mr WRA Wyllie AM, to maintain its existing shareholding through participation in the placement. ABN AMRO Rothschild acted as Lead Manager to the placement and Caliburn Partnership acted as Financial Adviser to Burswood on the placement and SPP. The purpose of the capital raising is to: * assist in funding the purchase of the Burswood Hotel; and * improve gearing levels. Mr John Schaap, Managing Director of Burswood, commented "We are delighted with the positive response to the placement. It demonstrates strong support for the Burswood strategy and for the recently announced amendments to our agreement with the Government of Western Australia. We are also pleased to provide shareholders with all opportunity to participate in the capital raising through the Share Purchase Plan". The Share Purchase Plan will enable all Burswood shareholders in Australia and New Zealand to purchase up to $5,000 worth of ordinary shares in Burswood (ranking equally with existing fully paid shares) at or below the institutional Placement price, without incurring brokerage or other transaction costs. The Share Purchase Plan will not be underwritten. Burswood reserves the right to scale back allocations under the Share Purchase Plan if the total amount applied for exceeds $20 million. All shareholders who are registered as at 5:00pm (WST) on Friday 8 November 2002 will be entitled to participate in the Share Purchase Plan. The letter which sets out the offer under the Share Purchase Plan will be sent to all eligible shareholders shortly after that date. M Egan COMPANY SECRETARY ends - AAP
