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Real Estate Investar Group announces successful completion of $777,350 entitlement offer

By Editor 0 Comments NEWS, Uncategorised

Real Estate Investar Group Limited, a leading online provider of data-driven investment property analysis, tracking and transaction services to Australian and New Zealand property investors, has announced the successful completion of its $777,350 non-renounceable Entitlement Offer to existing shareholders, which it announced on September 2017.

Key points 

  • Applications received from existing shareholders for 17.8 million shares raising $711,889
  • Shortfall of 1.6 million shares successfully placed with sophisticated and professional investors,
    raising a further $65,463
  • Strong level of support follows successful $506,968 placement to new cornerstone investor, Salta
    Capital and associated entities
  • Total proceeds of $1.3 million from the successful Placement and Entitlement Offer will be used
    to accelerate growth in transaction-related services

REV Group received strong support from existing shareholders with applications received for 17.8 million shares raising gross proceeds of $711,889, which includes additional shares applied for under the top-up facility.

Commenting on the completion of the Entitlement Offer, Clint Greaves, CEO said:

“The support shown from Salta Capital and the successful completion of the Entitlement Offer enhance REV Group’s growth prospects over the coming years. We are focused on leveraging our proprietary platform and database of 270,000+ members, primarily to increase transaction-related revenue streams.”

The group has successfully placed the $65,461 balance of shortfall shares to sophisticated and professional investors, with settlement currently expected by Friday 27 October 2017.

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