Overview of Share Purchase Plan

Propel Funeral Partners Limited (ASX: $PFP) has announced the successful closure of its share purchase plan (SPP) which received overwhelming support from eligible shareholders, resulting in applications totaling approximately $20.5 million from over 900 applicants. The company's directors have exercised their discretion to increase the SPP from $10 million to approximately $20.5 million to accommodate the strong demand. This follows the recent completion of a circa $80.0 million placement of new ordinary shares in Propel to existing and new institutional investors.

Chairman's Delight at Shareholder Support

We are delighted with the strong support shown by eligible shareholders who have participated in the SPP, following the successful completion of the recent Placement to existing and new institutional investors. Propel is in a strong funding position, is well placed to continue its acquisition led growth strategy and I thank our shareholders for their continued support.

Financial Flexibility and Growth Initiatives

Propel Funeral Partners Limited (ASX: $PFP) has successfully raised an aggregate amount of approximately $100.5 million under the SPP and the Placement. The net proceeds raised will be used to pay down debt, providing financial flexibility to pursue further growth initiatives, including acquisitions. With a pro forma net leverage ratio of approximately 1.4x and available funding capacity of circa $182 million, Propel is well positioned to continue its acquisition-led growth strategy. The new shares issued under the SPP are priced at $5.15 per share and are expected to commence trading on the ASX on Monday, 4 March 2024. The company's total shares on issue will increase from 133,852,274 to 137,828,826, reflecting the successful completion of the SPP and the Placement.