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Steadfast Group completes institutional placement

Australia-based Steadfast Group Ltd. completed an institutional placement to raise A$100 million.

A total of 29,585,799 new shares are being issued under the placement that priced at A$3.38 per new share. Settlement of new shares is expected to occur Aug. 26, with allotment and normal trading on Aug. 27.

The placement shares will rank equally with the company's existing shares. However, as the allotment will occur after the record date for the final dividend for the fiscal year ended June 30, holders of the placement shares will not receive the dividend.

The funds raised from the placement and a previously announced share purchase plan that the company will offer to eligible shareholders will be primarily used to fund the company's upcoming insurance brokerage and underwriting agency acquisitions.

Proceeds will also be used to fund any Steadfast network brokerages that decide to receive the cash alternative for the professional service fee rebate offer. The closing date of the share purchase plan is Sept. 12.