Arvida gets 87% uptake in $92 mln rights offer

Tue, 16 Jul 2019

By Rebecca Howard July 17 (BusinessDesk) - Arvida Group attracted about 86.5 percent uptake in an underwritten offer to existing investors and will now hold a shortfall bookbuild to bridge the difference. The retirement home operator said it raised about $79.3 million of the $92 million it sought in a one-for-5.7 renounceable rights issue at $1.15 per share in June. The shares last traded at $1.37 and have lifted 9 percent so far this year. The funds are to help pay for its $180 million purchase of a new portfolio of villages, tipped t...

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