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Peet to raise $80m

PERTH-BASED property funds and asset management group, Peet Ltd, will raise $80 million through an institutional placement to develop new profit streams and make acquisitions. The offer is for 20 million new shares at an issue price of $4.10. The company, which listed in August 2004 and has a market capitalisation of about $850 million, has also announced plans to undertake a share purchase plan, allowing existing shareholders to subscribe to an entitlement of up to $5,000 worth of shares. In addition to this, Peet has issued two syndicated land investment schemes, aiming to raise $16 million each for the Peet BotanicVillage Syndicate Ltd – 64 hectares in Cranbourne South, Melbourne – and the 145ha Peet Mundijong Syndicate Ltd, through the sale of 16 million shares at $1 each. Peet has underwritten the two schemes. Peet CEO Warwick Hemsley said in a statement that the $82 million equity raising would strengthen the company’s capital position to accelerate growth of the funds management business. “We are keen to build on an already strong balance sheet and further grow the company’s newer development projects including Peet’s diversification into the retirement and commercial property sectors.”

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Peet (PPC)

Share Price

Closing price for the last 90 trading days
Source: Morningstar

BN30 Index

Index = 100 as of 4 Jan 2016
Source: Morningstar

Total Shareholder Return as at 29/03/18

1 year TSR5 year TSR
41stEmeco Holdings245%-14%
276thPeet26%6%
287thCash Converters International24%-21%
315thCedar Woods Properties20%9%
498thGR Engineering Services-8%16%
716 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

15/12/17
$0 Issued
12/09/17
$0 Other
12/09/17
$0 Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

21st↑Peet$296.0m
22nd↑Cash Converters International$270.9m
23rd↑GR Engineering Services$239.3m
25th↑Cedar Woods Properties$222.4m
26th↓Emeco Holdings$221.8m
236 listed industrial companies ranked by revenue.
Source: Morningstar

Remuneration from Peet

6thBrendan Gore$3.735m
26thPeter Dumas$1.373m
89thDom Scafetta$825k
Ranked by total remuneration from all listed WA companies

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