Freedom Foods Group Limited (ASX Code: FNP) (Freedom Foods) announced the successful completion of the institutional component of the $200 million equity raising (Equity Raising) announced on Friday, 16 March 2018. The institutional portion of the pro rata accelerated non-renounceable entitlement offer (Institutional Entitlement Offer) and institutional placement (Placement) together raised approximately $182 million, at an Offer Price of $4.80 (Offer Price) per new fully paid ordinary share issued (New Shares).
Mr Rory Macleod, Managing Director and CEO, said “The Placement was significantly oversubscribed with strong demand from a broad range of high quality institutional investors, including current shareholders. The Institutional Entitlement Offer was well supported by existing institutional shareholders with a take-up of more than 95%. We appreciate this continued strong external endorsement of Freedom Foods’s ongoing performance and strategy.”
The approximate $18 million balance of the $200 million Equity Raising comprises the retail component of the Entitlement Offer, which will open on Thursday 22 March 2018 and is expected to close on Thursday, 5 April 2018.
All New Shares issued under the Equity Raising will rank equally in all respects with existing ordinary shares in Freedom Foods from the date of issue, except that New Shares will not participate in the interim dividend which was announced on 27th February 2018 to be paid in April 2018.
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