ARDENT Leisure has completed its $50 million institutional placement.
The placement was conducted at a fixed price of $2.41 per stapled security, representing a discount of 4.0% to the last closing price on 05 August 2014. A total of 20,746,888 new securities will be issued and these will rank equally with existing stapled securities.
CEO Greg Shaw said the group was delighted by the level of demand from both existing and new investors wishing to participate in the offer.
“The successful placement demonstrates ongoing investor support for the Group and its recent acquisition of Fitness First WA portfolio,” he added.
Ardent Leisure will primarily use the funds raised to fund the acquisition of a portfolio of eight Fitness First clubs in WA and to accelerate the rollout of Main Event’s large format family entertainment centres in the United States.
Property Review