Australian asset manager Plato Income Maximiser Ltd. on Aug. 8 filed a non-renounceable entitlement offer to raise up to A$204.3 million.
The entitlement offer consists of 1 new share for every 1.6 ordinary shares held by existing eligible shareholders on record as of Aug. 13. The offering also includes an oversubscription facility for existing shareholders to apply for shares in excess of their entitlement.
As of Aug. 8, the company had 297,181,260 existing shares. It plans to issue a maximum of 185,738,287 new shares at A$1.10 apiece. Shares not taken up by existing shareholders will be offered to new retail and institutional investors at the offer price.
The offering will start Aug. 15 and close Aug. 30. The company will apply for the new shares to be quoted on the Australian Securities Exchange, with trading in the shares to begin in the week commencing Sept. 9.
Proceeds from the offering will be invested via Plato Australian Shares Income Fund, which is managed by Plato Investment Management Ltd.
Commonwealth Securities Ltd., Morgans Financial Ltd., Ord Minnett Ltd. and Taylor Collison Ltd. are acting as joint lead managers for the offering, while Bell Potter Securities Ltd. was appointed as co-manager.