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LONDON (Alliance News) - Sirius Real Estate Ltd on Friday said its book will clear at EUR0.53, after it conducted a private placement and secondary placement which it said was "significantly" oversubscribed.
Sirius Real Estate Ltd on Thursday said it was proposing a private placement of shares to raise up to EUR20.0 million, with funds to be used for further acquisitions and a refinancing of its banking facility.
Sirius had also noted that PSG Capital also has been appointed by Clearance Capital Ltd to sell 27.0 million shares in Sirius, including those held by fixed-term real estate securities fund Karoo Investment Fund SCA. Karoo has a scheduled termination date of July 31, and held a 17.9% stake in Sirius on December 31.
On Friday, the company said, between the private placing and secondary placing, 66.2 million shares had been available for subscription or acquisition, and it received bids for 169.4 million shares.
The book will clear at EUR0.53, Sirius Real Estate said.
Shares in Sirius Real Estate closed down 0.9% at EUR0.525 on Friday.
The company noted that it is currently considering the final allocations, but said it may also use its discretion to increase the number of shares issued in terms of the private placement.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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