St Laurence offer exceeds expectations
Wednesday, February 25th 2004, 6:58AM
The company says it has achieved an average acceptance rate of 86% from its syndicate investors in the offer which is now closed.
“We are very pleased with the final acceptance rate from our property syndicate investors,” St Laurence managing director Kevin Podmore says.
“Our forward projections for St Laurence Property & Finance were based on issuing approximately 60 million notes under the syndicate and cash offer. The end result…puts us in a much stronger equity position than we had projected. This is an excellent outcome for our investors and for the company.”
St Laurence Property & Finance manager John Mallon says: "We projected equity of about $42 million as at 31 March 2004. As a result of the higher than expected acceptance level, we have achieved in excess of $50 million of equity which gives us a strong balance sheet, especially in comparison to other finance companies."
"The support the offer received puts St Laurence Property & Finance in a well-funded and excellent equity position. This will enhance our ability to take advantage of investment opportunities that present themselves to the company and we are looking forward to a future of profitable growth and enhanced investor returns," Podmore says.
The syndicate offer results exclude the St Laurence 439 Syndicate, which during the course of the offer became subject to a purchase offer.
That sale has now gone unconditional, and all St Laurence 439 syndicate investors that accepted the Property & Finance offer were given the opportunity to withdraw their acceptances.
St Laurence says it is keeping its convertible note offer to the public open for the foreseeable future to give advisers additional time to market the notes to their clients.
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