Dwib, below is part of the announcement. You will see that people who owned MAPCA shares will be able to buy 3 new shares at $1.50 for every 4 shares that they currently hold. So the people who bought in on the float have the opportunity to buy more shares at $1.50 to go with the shares they have paid $2 for ($1 in the float plus $1 they will have to pay in about October.) I hope this helps.
Macquarie Airports (MAp) today announced that the institutional component of the Priority Entitlement Offer associated with the recent investment in Sydney Airport and its proposed acquisition of an interest in Aeroporti di Roma ("AdR"), has closed.
The Priority Entitlement Offer, announced on 16 July 2002, will raise approximately $562.5 million through a priority entitlement issue of approximately 3 new fully paid Securities for every four Securities held at $1.50 per security.
As previously announced, Macquarie Bank Limited intends to take up its priority entitlement in respect of the 12.7 million Securities it holds in MAp. In addition, Macquarie Bank Limited has agreed to subscribe for 12.5 million fully paid MAp Securities at an issue price of $2.00 per security to raise $25m.
The institutional component of the Priority Entitlement Offer will raise approximately $369.8 million with the balance of the offer comprising the retail component of the offer to raise approximately $192.7 million. Both institutional and retail Security Holders will participate at the same 3 for 4 issue ratio and the same $1.50 price.
The Offer is fully underwritten by Macquarie Equity Capital Markets and UBS Warburg Australia.
MAp has also raised $82.5 million through a placement of Securities at $1.53 per security.
The prospectus for the retail offer is expected to be lodged with ASIC today, with the offer expected to open by Monday 29 July 2002 and close by Tuesday 27 August 2002. The retail offer will not be extended to holders outside Australia and New Zealand.
