Arrowhead: 36 million units issued for R490m

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Arrowhead launched and closed an accelerated offering of new A and B linked units via a private placement to raise R490 million, the listed property fund said yesterday. The placement was subject to pricing acceptable to Arrowhead and was offered to qualifying investors only through an accelerated bookbuild process. Arrowhead said the private placement was oversubscribed at a discount of just over 3 percent to Wednesday’s closing price and 36 431 228 new A and B linked units were placed with qualifying investors at a combined price of R13.45 a linked unit. It said the proceeds would be used to partially fund acquisitions worth R650m by Arrowhead that were announced last month, including the Sasol Building in Rosebank from the Sasol Pension Fund for R250m. Arrowhead A units lost 1.3 percent to close at R6.85 and its B units slumped 3.6 percent to R6.70.

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