17/05/2006 - 11:52

Westoz completes $88m capital raising

17/05/2006 - 11:52

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Perth-based unlisted public investment company Westoz Investment Company Ltd's prospectus for the issue of new shares has raised $88 million as at the date of closure, falling short of the $100 million target.

Westoz completes $88m capital raising

Perth-based unlisted public investment company Westoz Investment Company Ltd's prospectus for the issue of new shares has raised $88 million as at the date of closure, falling short of the $100 million target.

The prospectus, dated 15 April 2005, was for the offer of up to 100 million shares at an issue price of $1 each with the issue to remain open until the full $100 million was raised or until the prosectus expired this month.
The net assets per share of Westoz has grown to $1.155.
Westoz is an unlisted public investment company that primarily invests in shares listed on the Australian Stock Exchange with a connection to Western Australia.

Its objective is to generate positive returns for shareholders regardless of the general direction of the broader equity market.

Euroz Limited holds approximately 10 per cent of the issued shares in Westoz.

The assets of Westoz Investment Company are managed by a wholly owned subsidiary of Euroz, Westoz Funds Management Pty Ltd.

Below is the announcement:

The Directors of Euroz Limited advise that the prospectus for the issue of new shares in Westoz Investment Company Limited (Westoz) has closed.

As at the date of closure, 75.9 million shares have been issued to over 700
shareholders. Net assets at the date of closure are $88 million. Euroz Limited holds approximately 10% of the issued shares in Westoz.

Westoz is an unlisted public investment company that primarily invests in shares listed on the Australian Stock Exchange with a connection to Western Australia.

Its objective is to generate positive returns for shareholders regardless of the general direction of the broader equity market.

Since commencement of operations, the net assets per share of Westoz, after allowance for all costs and a provision for tax payable on unlisted investments have grown from $1.00 to $1.155. These returns have been generated whilst holding more than 50% of assets in short term cash deposits.

The assets of Westoz Investment Company Limited are managed by a wholly owned
subsidiary of Euroz Limited, Westoz Funds Management Pty Ltd.

 

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