Cleanaway Waste Management Announces Institutional Entitlement Offer Completed

Cleanaway Waste Management Limited announced the successful completion of the institutional component of its fully underwritten 1 for 3.65 pro rata accelerated non-renounceable entitlement offer announced on Monday, 11 December 2017.

The institutional component of the Entitlement Offer raised approximately $500 million at the offer price of $1.35 per new ordinary share in Cleanaway. Completion of the Institutional Entitlement Offer represents the first stage of Cleanaway’s $590 million Entitlement Offer, the proceeds of which will be used to partially fund the acquisition of Tox Free Solutions Limited (assuming successful completion).

The Institutional Entitlement Offer was strongly supported by existing eligible institutional shareholders who took up approximately 98% of the New Shares available to them as part of the Institutional Entitlement Offer. The shortfall bookbuild was significantly oversubscribed, with strong demand from both new and existing institutional investors.

New Shares issued under the Institutional Entitlement Offer will rank equally with existing Cleanaway shares, and will be eligible to receive dividends paid with respect to the period ending 31 December 2017. New Shares under the Institutional Entitlement Offer are expected to be issued on Thursday, 21 December 2017, and will commence trading on the ASX on the same day.


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