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Ausdrill completes A$250M entitlement offer

Ausdrill Ltd. said Sept. 10 that it completed the retail component of its pro rata nonrenounceable entitlement offer, comprising 1 new share for every 2.13 existing shares and representing the final stage of the Australian mining services company's approximately A$250 million equity raising.

The company raised about A$77 million from the retail entitlement offer of new, fully paid ordinary Ausdrill shares, which closed Sept. 5 at A$1.47 per new share. The institutional component of the offer was completed Aug. 17, raising about A$175 million.

"Following on from the strong support received under the institutional component of the entitlement offer, the success of the retail entitlement offer demonstrates the confidence of Ausdrill's shareholders in the acquisition of Barminco and the broader Ausdrill business," acting CEO Theresa Mlikota said in a statement.

Ausdrill's board of directors unanimously recommended shareholders vote in favor of the resolutions to approve the acquisition of Barminco Holdings Pty. Ltd. at the upcoming annual general meeting Oct. 25.