Home raises $5.13m to support growth

East Perth - based Home Building Society Ltd will raise $5.13 million to provide capital needed to meet the growing demand for loans with market growth resulting in loan balances rising 24 per cent during the first half of 2005/06 to $1.24 billion.

The company will make a placement of 450,000 fully paid ordinary shares at $12.00 each through Euroz Securities.

Post allotment of the 450,000 placement shares, Home's expanded share capital pre merger with StateWest Credit Society Ltd will comprise over 16.4 million shares.

Home will inform the market upon issue of the placement shares which is expected to occur on or prior to the 7 March 2006.

Earlier this month, Home Building Society and StateWest Credit Society announced a revised timetable for the proposed merger of the two organisations with the merger now becoming effective in mid June 2006, subject to member approval.