National Property Portfolio on Auction

National Property Portfolio on Auction
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arrowhead Book build raises R250m

March 7 2013 at 08:00am
By Roy Cokayne

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Arrowhead had successfully completed an accelerated book build announced earlier in the day that had raised R250 million, the listed property company reported yesterday. The company said the book was heavily oversubscribed. A total of just over 17 million A-linked and B-linked units had been issued for a combined consideration of R14.60 a pair to raised gross proceeds of R250m. The issue price represented a discount of 3 percent to the closing price of Arrowhead units on Tuesday. Arrowhead said the equity raising was offered to South African investors and the proceeds would be used to fund property acquisitions. The A-linked units fell 11c to R7.50 and the B-linked units lost 3c to R7.40 yesterday. – Roy Cokayne


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