Abacus Property Group announces security purchase plan

Company News

by Anna Napoli

Abacus Property Group (ASX:ABP) has today announced it will be conducting a non-underwritten security purchase plan.

The news comes on the back of the company's successful $250 million placement to institutional investors on 23 July 2019.

Abacus hopes to raise up to $25 million under the plan and says it gives shareholders a cost-effective way to acquire securities up to a value of $15 000 without incurring brokerage costs, commission or other transaction costs.

The proceeds of the SPP will be used to repay debt and provide balance sheet flexibility to pursue a number of potential value-accretive identified opportunities in excess of $710 million in FY20. 

Shares in Abacus Property Group (ASX:ABP) are trading 1.2 per cent higher at $4.23.