WESTERN Australian-based listed property developer Peet and Company has lodged a prospectus to raise $12 million for the development of a 65-hectare land parcel in Melbourne into 627 residential lots.
The offer is for the issue of 12 million shares at $1 each with 50 cents per share due on application and the remaining due on November 8 2005.
Peet has fully underwritten the offer and capital raised will be used as equity to assist in the purchase with development.
Peet managing director Warwick Hemsley said the company’s structure – under which Peet acts as an umbrella manager and marketing agency for a large number of individual syndicates – ensured that syndicates were not burdened with high start-up costs associated with paying for their own individual project management in the lead up to development.
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