Metcash Limited (ASX:MTS) announced accomplishment of institutional Placement of $300 million. The Placement comprised of about 107.1 million new shares to institutional investors at $2.80 per New Share.
The Placement has created substantial demand from both existing shareholders and other institutional investors. About 95% of the New Shares were allocated to existing institutional shareholders.
The SPP of MTS aims to raise up to $30 million with New Shares being offered at:
- The Placement Price of $2.8 per New Share
- 5% discount to the 5-day VWAP of Metcash shares