EQT Holdings (ASX:EQT) Raises $90M for AET Acquisition – The Market Herald

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  • EQT Holdings (EQT) Successfully Completes Placement and Institutional Law Offering and Raises $90 Million
  • The placement raised approximately $40 million while the institutional rights offering raised the remaining $49 million
  • EQT will now undertake a retail rights offering to raise an additional $35 million, bringing the total amount raised to $125 million.
  • The proceeds from the fundraising will be used to fund the acquisition of Australian Executor Trustees (AET) and pay associated transaction and integration costs.
  • EQT ends the day with a slight 0.52% in the red to close at $25.12

EQT Holdings (EQT) has successfully completed a placement and institutional rights offering and raised $90 million.

The placement raised approximately $40 million through the issuance of 1.7 million new shares to existing and new shareholders at an offering price of $24.

This price represents a discount of 5.7% for EQT’s closing price of $25.46 on August 18 and a 4.7% discount to the duty-free theoretical price of $25.17.

The remaining $49 million was raised through the institutional rights offering, with institutional shareholders receiving one share for every six held.

It was strongly supported with a 99% participation rate.

Shares of both components are expected to settle on August 31 and begin trading on September 1.

EQT will now undertake a retail rights offering to raise an additional $35 million, bringing the total amount raised to $125 million.

The retail offer will be on the same terms as the institutional offer to shareholders to subscribe for one new share for every six shares held at the offering price of $24.

Participants who use their full entitlement can also claim up to an additional 50% of their entitlement.

EQT will use the proceeds from the fundraising to finance the acquisition of Australian Executor Trustees (AET) and pay associated transaction and integration costs.

Founded in 1880, AET is Australia’s largest and most experienced non-governmental provider of professional trust services.

It offers will and estate planning services, executor services, trustee services, philanthropic services and self-directed retirement solutions.

The acquisition of AET will add scale to EQT’s private client services business will grow in WA and South Australia and strengthen its presence in Queensland and New South Wales.

EQT ended the day a slight 0.52% in the red to close at $25.12.

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