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Australia's Bell Financial to raise A$36.4M to fund online broking platform deal

Bell Financial Group Ltd. is looking to raise A$36.4 million through an entitlement offer to fund its acquisition of online broking platform Third Party Platform Pty Ltd.

Under the fully underwritten renounceable offer, the company will invite eligible shareholders to subscribe for 1 new share for every 5 shares held as of June 6. The new shares will be issued at 68 cents apiece.

Bell Financial expects to issue 53.5 million news shares under the offer, which will open June 12 and close June 26, according to a June 1 statement.

The issue date for the new shares is July 3.

Bell Financial obtained shareholders' approval for the Third Party Platform purchase at a May 30 general meeting. The company will lift its shareholding in the target to 100% from 56.63% for a total consideration of A$36.9 million.