OPERATIONS

Institutions back pipeliner

PIPELINER APA Group has completed the institutional component of its A$500 million entitlement offer raising $288 million through the issue of 37.3 million new shares in a one-for-17 pro-rata accelerated offer. 

 APA Group has completed the institutional component of its equity-raising venture

APA Group has completed the institutional component of its equity-raising venture

The company has hailed it a success, with a 96% take up rate. 
 
Entitlements not taken up by eligible institutional security holders and entitlements of ineligible institutional security holders were sold and cleared in the institutional bookbuild at $8 per entitlement, equal to a 30c premium on the offer price of $7.70. 
 
Chief financial officer Peter Fredricson said that it was pleasing to see ongoing support for the significantly increased 2017-18 growth program from the company's broad ranging institutional investor base. 
 
The retail component opens March 2 and eligible retail shareholders will receive the same price of $7.70 per share. 
 
The company has over a billion dollars of growth projects and it says this entitlement offer will position it to take advantage of significant growth opportunities and maintain current debt headroom.  

 

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