Successful Completion of Placement and Institutional Entitlement Offer Bookbuild
KEY POINTS
Successful completion of bookbuild for the Placement and Institutional Entitlement Offer to raise approximately A$52 million.
Western Areas Limited has committed approximately A$21 million in the Placement and act as a subunderwriter to the Retail Entitlement Offer, resulting in a pro-forma shareholding of up to 19.9%
Significant support received from a range of existing and new institutional investors during the bookbuild process.
The Retail Entitlement Offer will raise approximately A$38 million in additional funds and is expected to close on Friday, 5PM WST 12 June 2020.
Panoramic shares expected to recommence trading on Wednesday 27 May 2020
Panoramic’s Managing Director and CEO, Victor Rajasooriar, commented:
“We are encouraged by the strong level of support from both our existing and a number of new high-quality institutional investors. We would like to extend our gratitude to the existing shareholders who have continued to support Panoramic and welcome a number of new investors, including Western Areas, to our register. The equity raising is an important step in the recapitalisation of Panoramic and will critically enable continued capital development and mine plan optimisation at Savannah for an eventual restart in operations.”
