Clough completes capital raising with 88% subscribed
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Perth engineering and construction company Clough Ltd has raised $39.2 million through an entitlements offer after receiving valid applications for 88 per cent of the convertible notes available.
The deal was underwritten by South Africa's Murray & Roberts Holdings Ltd.
The full text of a company announcement is pasted below
CLOUGH LIMITED - NON-RENOUNCEABLE ENTITLEMENTS OFFER
Clough Limited's Non-Renounceable Entitlements Offer closed on 7 December 2006. Of the 39,248,633 Convertible Notes offered to shareholders, the Company received valid applications for 34,406,614 Convertible Notes, representing an acceptance rate of 88%.
The balance of the Convertible Notes has been acquired by the underwriter, Murray & Roberts Limited, in accordance with the underwriting Agreement. Convertible Note certificates will be dispatched today to shareholders who have accepted the offer. This successfully completes the capital raising of $39,248,633 for the Company.