Property developer Lend Lease Group
(ASX:LLC) says it has completed its fully underwritten $806 million equity raising, shares sold at an issue price of $8.60.
On Monday the company said that the retail component of its rights issue was only 46% covered and that the remainder would be sold via a bookbuild that day.
The shortfall bookbuild priced at $8.60, represents a small discount to the companies last traded share price of $8.72 and a premium of 90 cents or 11.7% to the entitlement offer price of $7.70 per new security.
Lend Lease says this premium will be returned to renounced eligible institutional and retail shareholders and to ineligible shareholders on or around Friday April 9.
Commenting on the raising CEO Steve McCann says the company is pleased with the support it has received from institutional and retail securityholders for the entitlement offer and from existing securityholders and new investors in the shortfall bookbuild.
In fiscal 2009 Lend Lease reported a loss of $653.6 million.
