Arvida to raise $77 mln in rights issue to help buy 3 new villages

Mon, 11 Sep 2017

By Paul McBeth Sept. 12 (BusinessDesk) - Arvida Group plans to raise $77 million in a discounted rights issue to help pay for three new retirement villages it says will boost annual earnings by 8 percent. The Auckland-based retirement village group wants to sell about 66.9 million shares in a fully underwritten one-for-five pro rata renounceable rights issue at $1.15 apiece, an 11 percent discount to yesterday's closing price of $1.29. The funds raised will go towards the $106 million acquisition of the Mary Doyle Lifecare village in Hav...

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