Downer Successfully Completes Institutional Entitlement Offer

  • Jul 22, 2020 NZST
  • Team Kalkine
Downer Successfully Completes Institutional Entitlement Offer

Downer EDI Limited (NZX:DOW) has completed the institutional component of its 1 for 5.58 accelerated pro-rata non-renounceable entitlement offer, announced on 21 July 2020. 

Approximately $339 million was raised from the Institutional Entitlement Offer at the offer price of $3.75 per share for ~90.4 million new shares and institutional shareholders strongly supported it with the take-up of ~97% by eligible institutional shareholders. 

Downer plans on using the proceeds of the Entitlement offer to strengthen its balance sheet, support remaining shares acquisition in Spotless and offer flexibility for continued investment in its core Urban Services business.

 


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