| ||Investors back Landmark deal|| ||
AWB Limited announced today that it has successfully closed the institutional component of its capital raising associated with the acquisition of Landmark, as announced on Friday, 29 August 2003.
Following strong demand, the offer closed strongly oversubscribed at a final price of A$3.70 per share.
A total of 41.1million shares will be issued through this institutional placement at a total value of A$152 million. The placement was underwritten by Macquarie Equity Capital Markets Limited and will be settled on 8 September 2003.
AWB’s Managing Director, Andrew Lindberg, said the placement generated strong interest from both Australian and offshore investors.
"Both new and existing institutional shareholders have shown strong support in this significant strategic development and excellent growth opportunity for AWB," said Mr Lindberg.
AWB will also offer B Class shareholders with a registered address in Australia the opportunity to subscribe for up to A$5,000 worth of shares through a Share Purchase Plan (SPP) at the lower of institutional price of $3.70 per share and a 5% discount to the volume weighted average price during the SPP pricing period.
The new shares issued under both the institutional placement and SPP will be entitled to participate in the final 2003 dividend payable in December 2003.
"This is an ideal opportunity for our existing shareholders, who are mainly Australian wheat growers, to increase their holdings in AWB Limited," said Mr Lindberg.
"The SPP provides an opportunity for shareholders to obtain additional shares in AWB Limited at a discount," said Mr Lindberg.
The record date for the SPP is 4 September 2003 and offers will be sent out to eligible shareholders over the next week.