Stor-Age in R900 million equity raising launch
JOHANNESBURG - JSE-Listed Stor-Age Property has announced the launch of an equity-raising of R900 million through the issue of new ordinary shares subject to pricing acceptable to Stor-Age.
The group said the equity raise would be completed, in part, by way of vendor consideration placings as defined under the JSE listings requirements and the balance of the equity raise authorised in terms of Stor-Age’s existing general authority to issue shares for cash.
Both public and non-public investors may participate in the vendor consideration placings and only public investors may participate in the general issue for cash
“The equity raise will be offered to qualifying investors and will be implemented through an accelerated book build process, which opens immediately,” the group said, and will be utilised to fund the acquisitions of Betterstore Self Storage Holdings and DanCor Properties. Stor-Age shares dropped 0.08% to close at R11.80 on the JSE yesterday.
- BUSINESS REPORT