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Centuria announces successful completion of placement, conditional placement and institutional entitlement offer

28 Nov 2016
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Centuria Capital Group (ASX: CNI) is pleased to announce the successful completion of its institutional placement (Placement), conditional placement (Conditional Placement) and the institutional component (Institutional Entitlement Offer) of its fully underwritten 1 for 1 accelerated pro-rata non-renounceable entitlement offer (Entitlement Offer) of new fully paid ordinary securities (Securities) as announced to the market on 23 November 2016 (Offer).

Proceeds are being used to fund the acquisition announced by Centuria on 23 November 2016, whereby Centuria has agreed to acquire TGP’s property funds management platform under CIML and the majority of TGP’s co-investment holdings in TIX (15.6%) and TOF (19.99%), along with entering into a two year put and call option arrangement over the majority of TGP’s equity interests in four unlisted funds (~$59m).

The acquisition and the issue of Securities under the Offer remain subject to conditions including certain approvals from both TGP securityholders and TOF unitholders. If these conditions are not satisfied, the acquisition will not proceed and no Securities will be issued under the Offer.

In addition, the issue of Securities under the Conditional Placement is subject to approval from CNI securityholders. If this approval is not received, no Securities will be issued under the Conditional Placement.

Placement, Conditional Placement and Institutional Entitlement Offer

The Placement, Conditional Placement and Institutional Entitlement Offer will raise proceeds of approximately A$99.1m at an issue price of A$1.00 per Security, which results in approximately 99.1m new Securities being issued.

The Placement, Conditional Placement and Institutional Entitlement Offer attracted strong demand from both new and existing institutional investors. New Securities issued pursuant to the Placement, Conditional Placement and Institutional Entitlement Offer will rank equally with existing Securities from the date of their issue.

Retail Entitlement Offer

Approximately A$50.9 million is expected to be raised through the retail component of the Entitlement Offer (Retail Entitlement Offer). Eligible retail securityholders will be sent details of the entitlement offer shortly. Retail securityholders with questions about the Offer should contact the Centuria Offer Information Line on 1300 648 172 (from within Australia) or +61 3 9415 4140 (from outside Australia) or visit www.centuriacapitaloffer.com.au during the Retail Offer Period.

Recommencement of trading

CNI’s Securities are expected to resume trading on ASX from market open on 25 November 2016.

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