Pact Group Holdings Provides Results of Institutional Entitlement Offer

Pact Group Holdings Ltd ( ASX:PGH) has announced the successful completion of the institutional component of its 1 for 9 accelerated non-renounceable pro-rata entitlement offer (“Entitlement Offer”) announced to the Australian Securities Exchange (“ASX”) on Wednesday 15 November 2017. Net proceeds from the Entitlement Offer will be applied to fund the Asia Acquisition, the ECP Acquisition and transaction costs, and provide additional financial flexibility for potential near-term growth initiatives.

The Institutional Entitlement Offer raised approximately $151 million at $5.28 per share (“Offer Price”), and was very well supported by eligible institutional shareholders, who took up 92% of their entitlements. The bookbuild to cover the small institutional shortfall attracted extremely strong demand from both existing Pact shareholders and other institutional investors.

New shares issued under the Institutional Entitlement Offer (“New Shares”) will rank equally in all respects with existing shares. The New Shares issued under the Institutional Entitlement Offer will be allotted on Monday 27 November 2017. It is expected that trading will commence on a normal settlement basis on the ASX on the same day.

Pact Group’s Managing Director and Chief Executive Officer, Malcolm Bundey, said, “we are pleased with the extremely strong support for Pact’s Asia Acquisition demonstrated by the response shown by our institutional shareholders. We believe this response is an endorsement of the compelling strategic rationale of the transaction.”


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