FKP Property Group
(ASX:FKP) has announced plans to raise $232 million to tackle its debt position and strengthen its balance sheet.
The property and investment company will undertake a 5-for-9 accelerated renounceable entitlement offer at $1.30 per new stabled security.
FKP says the raising will enable it to accelerate its strategy of becoming a pure retirement developer, manager and owner.
CEO Geoff Grady says the equity raise will enable the company to de-lever and meet its short term debt maturities while better positioning the company to deliver on its strategy.
FKP Property Group booked a net loss of $179 million in the 2013 financial year.
