This article is from the Australian Property Journal archive
CROMWELL Property Group has raised approximately $36 million under the shortfall facility of the group’s one for six entitlement offer.
Funds will be used to reduce debt and provide additional working capital.
The entitlement offer has raised approximately $75 million, with approximately 110 million stapled securities to be issued at $0.68 — representing a discount of approximately 2.2% to CMW’s closing price on Wednesday 1 February 2012.
“We are extremely pleased with the support we’ve received, both onshore and offshore, in response to the placement of the shortfall securities and take it as a positive endorsement of our recent acquisitions, in particular our opportunistic acquisition of the Bundall Corporate Centre late last year,” Cromwell CEO Paul Weightman said.
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