24/05/2013 - 15:52

Lennon tips $8m into Peet

24/05/2013 - 15:52

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Lennon tips $8m into Peet

Peet chairman Tony Lennon has lifted his interest in the land development company to 21.4 per cent after participating in a special placement tied to its takeover of east coast property company CIC Australia.

Mr Lennon has subscribed for 6.96 million shares at $1.15 per share, amounting to a total investment of $8 million.

A substantial shareholder notice lodged with the ASX today showed that Mr Lennon, along with associated entities including Scorpio Nominees and Golden Years Holdings, has lifted his stake in the company from 20.1 per cent to 21.4 per cent.

The $8 million placement was foreshadowed last month, at the time Peet launched its $76 million cash takeover offer for CIC.

The company raised $50 million at the time, through an institutional placement, and said it would undertake a further $66 million institutional placement and an $8 million placement to Mr Lennon, if the takeover went unconditional.

Peet has an 84.17 per cent stake in CIC, according to a notice lodged with the ASX yesterday.

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