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Steadfast Group raises A$100M via share sale to fund Whitbread Insurance deal

Steadfast Group Ltd. completed its A$100 million institutional share placement to help fund its proposed acquisition of Whitbread Insurance Group.

As part of the placement, the company will issue 35,335,690 shares to investors at A$2.83 per share. The placement was oversubscribed.

In addition, the group will issue 2,126,032 shares, worth about A$6 million, to vendors of Whitbread Insurance Group as part of the consideration for the acquisition.

Settlement of the placement and consideration shares is expected to occur Dec. 7 and Dec. 8, respectively.

The institutional share placement and share issuance to the vendors are components of the company's equity raising to fund the acquisition of Whitbread Insurance Group, along with a share purchase plan for retail shareholders for up to A$25 million. The share purchase offer will open Dec. 13.