This article is from the Australian Property Journal archive
WATPAC Limited has raised $22.61 million in new equity from institutional investors.
The placement was significantly oversubscribed and will result in the issue of approximately 18.08 million ordinary shares at $1.25 per share.
The placement was also supported by Watpac’s chairman, subscribing for approximately 1.127 million through a company controlled by him.
Following the placement, Watpac’s net gearing based on June 30 pro-forma financial statements will decrease from 42.8% to 36.9%.
Australian Property Journal