Ridley Corporation Limited (ASX:RIC) Completes $99M Placement and Entitlement Offer
Capital Raising Success
Ridley Corporation Limited (ASX:RIC) announced the successful completion of its underwritten institutional placement and institutional entitlement offer, raising approximately $99 million by issuing 47 million new shares at $2.12 each. The funds will partly finance the $300 million acquisition of Dyno Nobel Limited’s fertiliser distribution business, IPF Distribution. The placement raised around $35 million from 17 million new shares, while the institutional entitlement offer raised approximately $64 million from 30 million new shares, achieving a take-up rate of approximately 99%.
Executive Comments
Ridley Chairman Mick McMahon stated, “We welcome the strong support for the Institutional Placement and Institutional Entitlement Offer to existing and new institutional investors, and look forward to completing the retail component of the entitlement offer later this month. The proposed acquisition represents a unique opportunity to add Australia’s number one distributor of fertilisers to Ridley’s market leading positions in the provision of animal nutrition products and services.”
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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