Beach Energy (ASX:BPT) has announced the successful completion of its institutional entitlement offer, which will partially fund the acquisition of Lattice Energy.
The accelerated non-renounceable pro-rata entitlement offer includes fully paid ordinary shares in Beach Energy.
Seven Group Holdings (ASX:SGH), the largest shareholder in Beach Energy, endorsed the acquisition and pre-committed to the entitlement.
The offer has been strongly supported by other existing institutional shareholders, with a take-up rate of about 97 per cent excluding Seven Group.
Beach Energy has raised around $201 million of the total $301 million to be raised under the entitlement offer.
Shares in Beach Energy (ASX:BPT) are trading flat at 88 cents a share.