Peet in $5m DRP deal with UBS

Perth-based property developer Peet says it has entered into a $5 million underwriting agreement with UBS for its dividend reinvestment plan.

Peet recently announced a final fully franked dividend of four cents for each share, totalling $11.8 million, and activated a DRP with a payment date of October 8.

"Following inquiries from existing institutional shareholders seeking to invest further in the company and based on preliminary DRP elections, Peet has arranged for UBS to secure sub-underwriting for up to $5 million of any DRP shortfall," the company said.

Shares in Peet were down one cent to $1.77 at 14:31 AEST.