Fletcher Building Limited (ASX:FBU) has successfully completed the retail entitlement offer component of its NZ$418 million underwritten 1 for 4.49 pro-rata accelerated non-renounceable entitlement offer. The company raised a total of NZ$700 million under the Placement and Entitlement Offer, with strong support from its eligible retail shareholders. Approximately NZ$83 million of new fully paid ordinary shares in Fletcher Building were subscribed by eligible retail shareholders, including approximately NZ$20 million of oversubscriptions. The effective take up rate by eligible retail shareholders was approximately 73%.
We are pleased with the successful completion of the retail entitlement offer, which has raised a total of NZ$700 million. The strong support from our eligible retail shareholders demonstrates their confidence in Fletcher Building's future prospects. The funds raised will further strengthen our financial position and support our strategic initiatives. We would like to express our gratitude to all shareholders who participated in the equity raise for their continued support.
Fletcher Building (ASX:FBU) has completed its retail entitlement offer, raising a total of NZ$700 million, including approximately NZ$83 million from eligible retail shareholders. The company received strong support, with an effective take up rate of approximately 73% by eligible retail shareholders. The new shares are expected to commence trading on the NZX Main Board and ASX on Tuesday, 15 October 2024, and will rank equally with existing fully paid ordinary shares. The successful completion of the retail entitlement offer reflects confidence in the company's future and will contribute to its strategic initiatives and financial strength. Fletcher Building expresses appreciation to all shareholders who participated in the equity raise. Looking ahead, the company aims to utilize the raised funds to drive its corporate strategy and enhance its position in the market.