Como-based property developer Port Bouvard Ltd has announced plans to raise $111 million through a placement and rights issue, to fund the acquisition of 275 hectares of waterfront land at Point Grey on the Peel-Harvey inlet.The company said it had agreed to place almost 9.5 million shares to institutional and sophisticated investors at an issue price of $2 per share to raise approximately $18.9 million.The placement is fully underwritten by Euroz Securities Ltd.In addition to this placement, Euroz is also backing Port Bouvard's plans for a renounceable rights issue for all shareholders of four new shares for each five existing shares at an issue price of $1.60 per share to raise about $93 million.Late last year Port Bouvard acquired the waterfront land at Point Grey for $92 million. Point Grey is located on the eastern shore of the Peel-Harvey inlet. The land, which is currently used for farming, is expected to accommodate 2,000 homes.Port Bouvard managing director Ross Neumann said the placement had closed oversubscribed following a very successful roadshow.This financial year, Port Bouvard also purchased sites for another two new residential developments in the Mandurah-Peel region at Dawesville and Melros. The company also said it has entered into heads of agreements for residential land projects at Furnissdale, between Mandurah and Pinjarra, and at Esperance, on Western Australia's south coast.
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