Photo by: Duane Daws
Listed property loan stock company Arrowhead has closed its accelerated bookbuild after raising R600-million through the placement of 31.9-million new A-linked units at a price of R9.40 apiece and 31.9-million new B-linked units at a price of R9.40 a unit.
This equated to a discount of just under 2% on Tuesday’s closing spot price.
The group announced on Wednesday morning that it would look to raise some R500-million through the issue of new A- and B-linked units in terms of a vendor consideration placing to fund acquisitions, but later raised this amount to R600-million “in light of strong demand”.
Subject to approval by the JSE, listing and trading of the new Arrowhead units was expected to start on February 26.
Applications were subject to a minimum subscription application of R1-million per applicant and the new linked units, when issued, would be credited as fully paid and would rank pari passu in all respects with existing linked units.