Key facts about Generation Development Group's institutional offer

Generation Development Group Limited (ASX: $GDG) has successfully completed the institutional component of the equity raising, raising approximately $126m. The proceeds will be used to part fund the remaining 61.9% of Lonsec Holdings Pty Ltd's fully diluted share capital not already owned by GDG for $197.4m up-front consideration plus associated transaction costs.

Executive commentary on the completion of the institutional offer

Generation Life Chief Executive Officer, Grant Hackett, said 'We are delighted to announce the successful completion of the institutional component of the offer, with the strong support of our existing and new institutional shareholders. We look forward to the continuing support of our existing investors and welcoming the new institutional investors to GDG in this exciting stage of our journey.'

Summary of Generation Development Group's institutional offer and outlook

Generation Development Group (ASX: $GDG) has completed the institutional component of the equity raising, raising approximately $126m to fund the acquisition of Lonsec Holdings Pty Ltd. The successful completion reflects significant demand from new and existing institutional investors. The Retail Entitlement Offer will open on Friday 7 June 2024, providing eligible retail shareholders the opportunity to subscribe for new shares at the same price as the Institutional Offer. The company's outlook appears positive as it continues to attract support and looks forward to the next stage of its journey.