20/04/2004 - 22:00

Alinta rights issue raises $465 million

20/04/2004 - 22:00

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Alinta rights issue raises $465 million

ALINTA has completed a $465 million renounceable rights issue following a book-build to sell about 6.7 million non-subscribed rights.

 

The book-build placed the rights of eligible shareholders who chose not to accept or trade their rights, as well as the rights that would otherwise have accrued, to non-qualifying foreign shareholders.

 

The book-build process was well supported by institutional investors with a final clearing price of $5.75 a share, about a 3.5 per cent discount compared with the Alinta closing price of $5.96 a share on April 19.

 

Non-subscribing shareholders and non-qualifying foreign shareholders will receive about 25 cents for each of their rights.

 

The proceeds from the book-build are due to flow through to Alinta today (April 22) and all the shares under the rights issue are to be allocated on April 23.

 

Alinta also raised $195.75 million through a placement with institutions of 28 million shares immediately following its $1.69 billion acquisition of Duke Energy’s Australian and New Zealand assets.

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