Tasica looks to raise $5.5m

VICTORIA Park-based property group Tasica Developments Ltd has launched a prospectus to raise up to $5.5 million to help fund the development of a 75-lot residential subdivision in Baldivis. The company is offering 4.5 million shares at $1 per share, with a minimum subscription level of three million shares to raise $3 million. Tasica hopes to raise the full $5.5 million by accepting oversubscriptions on a further one million shares. According to its prospectus, the company plans to subdivide land on Lot 17 Sixty Eight Road, Baldivis, into 75 residential lots before distributing a forecast development profit of $1.82 million to shareholders at completion. Development of the urban zoned land is expected to start in March and the estate completed in November 2009, with settlement of lots finishing in January 2010. Tasica intends to borrow about $8.05 million, based on a capital raising of $4.5 million, to buy the land, fund the costs of the capital raising, working capital and development costs. Tasica is headed up by Robbie Jneid as managing director and company secretary, while Trevor Jones and Dr Russel PJ Kingshott are working as executive directors. The offer is not underwritten and closes February 25. Jenelle Carter