Investors have rallied behind leading residential property developer Villa World, with its latest share placement 2.3 times oversubscribed.
The Company will look to pursue acquisitions and joint venture opportunities in New South Wales, Queensland and Victoria as it steps up its growth plan and looks to deliver on its target of continued cumulative average Earnings Per Share (EPS) growth of greater than 10% p.a.
The Company today announced that it had completed a fully underwritten share placement to institutional investors to raise approximately $20 million, at an issue price of $2.25 per share.
The Company’s Managing Director and Chief Executive Officer Craig Treasure said: “Take-up of the share placement shows strong support for our growth strategy and our prudent financial management.” The capital raising is continuing with a separate non-underwritten Share Purchase Plan (SPP) capped at $10 million, and a Bond Offer seeking to raise $50 million announced concurrently on 22 March along with the placement.
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