Cleanaway Waste Management completes entitlement offer to fund acquisition

Company News

by Kathy Skantzos

Cleanaway Waste Management (ASX:CWY) announced the successful completion of its fully underwritten entitlement offer, with the retail component raising approximately $49 million.

The institutional entitlement offer which closed on 12 December 2017 raised just over $515 million.

The funds raised will be used to fund the acquisition of Tox Free Solutions, which was announced on 11 December 2017 and is expected to be completed during the second quarter of 2018.

The retail entitlement offer closed on 19 January 2018, with approximately 3,600 applications from eligible retail shareholders with shares priced at $1.35 per new share.

Approximately 19.4 million new shares that were not taken up by eligible retail shareholders will be allocated to the sub-underwriters of the entitlement offer, many of whom are current shareholders in the company.

Shares in Cleanaway Waste Management (ASX:CWY) closed 0.68 per cent higher yesterday at $1.49.

Kathy Skantzos

Finance News Network
Kathy presents the Market Outlook and ASX company news. She joined FNN in September 2017. She has been in print and online journalism for over 9 years. She also worked in corporate communications.