Wentworth to raise $12.5m

INVESTMENT Property manager Wentworth Mutual has announced its intention to raise $12.5 million in the form of a $10.5 million placement and a share purchase plan capped at $2 million. The funds will be used primarily to pursue acquisition opportunities, with a smaller portion of the capital to retire debt and for working capital purposes, the Subiaco-based company said. Bell Potter Securities has fully underwritten the placement and the company has received strong support from professional and institutional investors, Wentworth said. The share purchase plan provides an opportunity for existing shareholders to acquire shares at the 1.5 cent purchase price per share, up to a value of $5,000 each. Earlier this month, Wentworth announced it had entered into an agreement to purchase the property management business of Elders Real Estate West Coast Central.