This article is from the Australian Property Journal archive
PELORUS Property Group's pro rata offer has closed oversubscribed.
Last month, Pelorus said it was paying a dividend of 2 cents per share in order to distribute franking credits to investors.
Yesterday the company confirmed it has more than 68% of the dividend entitlement taken by way of scrip or assignment of rights and Pelorus will issue 3,966,671 new shares.
Applications were received for 2,662,014 shortfall shares with the actual shortfall being 1,806,426 shares.
Directors participated in the Offer and have applied for additional shares in the shortfall offer such that director associated entities are taking the total director dividend entitlement in shares. Subject to shareholder approval, under the shortfall offer director related entities will be allocated 80% of the shortfall.
Pelorus said it continues to focus on distressed asset opportunities and is finding that they are increasing in number.
“As a consequence, the board aims to build the company’s balance sheet capacity and liquidity.
“The merger proposal announced along with strategies such the pro rata offer will assist the company in pursuing opportunities,” the company concluded.
PPI’s shares trade 2.5 cents lower at market close at 37.5 cents.
Australian Property Journal
