PERTH (miningweekly.com) – Australian oil and gas major Santos has completed its retail shortfall bookbuild for the retail component of its renounceable entitlement offer.
The company said on Thursday that about 152-million retail entitlements, worth A$585-million, were sold in the retail shortfall bookbuild, with entitlements priced at A$4.10 each, being the offer price of A$3.85 a new share plus A$0.25 retail entitlement.
The shortfall bookbuild was necessitated after only 57% of the available retail entitlements had been taken up under the retail entitlement offer, raising A$775-million.
Santos executive chairperson Peter Coates said that the successful completion of the shortfall bookbuild marked the completion of the entitlement offer, in which Santos had hoped to raise A$2.5-billion.
“We appreciate the support we have received from our retail and institutional shareholders throughout this process,” Coates said on Thursday.
“We are confident the entitlement offer, along with our other capital initiatives, will drive better returns for shareholders by substantially strengthening our financial position.”
Edited by: Creamer Media Reporter
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