Raises $259 million.
JB Hi-Fi has announced the successful completion of the institutional component of its fully underwritten 1 for 6.60 entitlement offer of new JB Hi-Fi shares at an offer price of $26.20 per new share. The institutional component has raised $259 million, attracting strong demand with approximately 94% take-up by eligible shareholders.
JB Hi-Fi CEO, Richard Murray said, “The success of the institutional component of the equity raising demonstrates strong support for the acquisition of The Good Guys.”
The retail entitlement offer will open on Wednesday 21 September 2016 at the same offer price to raise the remaining $135 million of the $394 million equity raising. It will close on Friday 30 September.
Approximately 0.6 million new shares were available in the institutional shortfall bookbuild, which was conducted on Thursday. It was well supported with a clearing price of $30.25 per new shares, representing a premium of $4.05 above the offer price of $26.20.
New shares taken up under the institutional entitlement offer and the institutional shortfall bookbuild are expected to be issued on Monday 26 September, and commence trading on the same day.