Fletcher Building Limited (ASX:FBU) has successfully completed the institutional entitlement offer component of its NZ$418 million underwritten 1 for 4.49 pro-rata accelerated non-renounceable entitlement offer and its NZ$282 million underwritten placement. The Placement and Institutional Entitlement Offer closed on Tuesday, 24 September 2024, raising gross proceeds of approximately NZ$593 million with strong support from investors.
We are very pleased with the success of the Institutional Offer, and the strong support shown by investors. The capital raise will strengthen Fletcher Building's balance sheet, and improve financial resilience in the current environment.
Fletcher Building Limited (ASX:FBU) has successfully completed the institutional entitlement offer and placement, raising approximately NZ$593 million with strong investor support. The capital raise is expected to strengthen the company's balance sheet and improve its financial resilience. The retail component of the Entitlement Offer will open on Thursday, 26 September 2024, providing eligible retail shareholders the opportunity to participate in the offer. The new fully paid ordinary shares in Fletcher Building offered under the Placement and the Institutional Entitlement Offer are expected to be allotted and commence trading on the NZX and ASX on Monday, 30 September 2024. Shareholders are encouraged to review the offer document and other important information before making a decision whether to apply for additional New Shares. The company's outlook appears to be focused on enhancing its financial position and resilience in the current market environment.