Channel Infrastructure has successfully completed the institutional offer component of its 1 for 12.12 underwritten pro rata accelerated renounceable entitlement offer.
The offer, which was announced on November 25, 2024, raised $22.5 million in gross proceeds, representing approximately 14 million new shares.
Eligible institutional shareholders had a high take-up rate of 99.7% of their entitlements.
The institutional bookbuild of 200,000 new shares achieved a clearing price of $1.78 per share, 11.3% higher than the offer price.
The company said the equity raise will fund its growth initiatives and support its capital management framework.
Channel Infrastructure's shares are expected to resume normal trading on the NZX today on an ex-entitlement basis.
The new shares issued under the institutional offer are scheduled to be allotted and commence trading on December 3, 2024.
The offer is underwritten by Forsyth Barr Group.
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