17/10/2013 - 12:14

PBD looks to raise $41 million

17/10/2013 - 12:14

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Property group PBD Developments will tap the market for $41.8 million as it looks to reduce its existing debt facilities and pursue new development projects.

PBD looks to raise $41 million
PBD's Oceanique development in Mandurah.

Property group PBD Developments will tap the market for $41.8 million as it looks to reduce its existing debt facilities and pursue new development projects.

PBD will offer three new fully paid ordinary shares for every four existing ordinary shares held at an issue price of 1.5 cents per share.

The offer price reflects a 37.5 per cent discount to PBD's last trading price prior to the announcement.

Subscribers will also receive one free attaching option for every new share, exercisable at 2.2 cents on or before December 31 2015.

PBD expects the new shares to commence trading at the end of next month.

The property group, formerly known as Port Bouvard, announced earlier this week that it would acquire a 50 per cent interest in FKP Property Group's The Milton apartment development in Brisbane for $28 million as it looks to move further into the east coast market.

PBD is also set to acquire a 14-hectare site that forms part of FKP's Saltwater Coast estate in Point Cook, Victoria, for $18 million.

Both transactions are subject to shareholder approval.

Shares in PBD were unchanged at 2.4 cents at 12:00PM WST.

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