Sandfire (ASX:SFR) closes institutional entitlement, raises AU$147M

November 21, 2022 12:28 PM AEDT | By Khushboo Joshi

Sandfire (ASX:SFR) closes institutional entitlement, raises AU$147M — Image source: © Milslav78 | Megapixl.com

Key details from the Sandfire release today

Sandfire announced an institutional entitlement offer on 18 November 2022 that it closed today.
The company has raised AU$147 million at an offer price of AU$4.30 per share.
This is a 10.2% discount on the last closing price of AU$4.79 on 17 November 2022.
As per the company, the offer has met with significant support, as the eligible shareholders subscribed for around 91% of their entitlements.

The company advised that the new shares not taken up by both eligible and ineligible institutional shareholders have been fully allocated to eligible institutional investors.

Sandfire informed via the release that the settlement of the 34 million new shares will be issued is likely to happen on Monday, 28 November 2022. The new shares are likely to be traded on Tuesday, 29 November 2022. The retail entitlement offer will be opening up on Friday, 25 November 2022 and is scheduled to close at 7PM AEDT on Thursday, 8 December 2022.

Sandfire also informed that the AU$53 million retail entitlement offer is fully underwritten.

The share price performance of Sandfire Resources

The shares of Sandfire Resources have gained 3.63% in the last five trading days on the ASX. The shares have skyrocketed 40.87% in the last month on the ASX. However, in the previous six months, the shares have shed 12.87% and have lost 25.20% in the last year on the ASX. On a year-to-date basis, the company has fallen by 30.50%. While looking at a broader picture, the company's shares have come down by 21.32% in the last five years on the ASX.

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