Bapcor (ASX:BAP) completes successful $180 million placement

Company News

by Katrina Bullock

Bapcor (ASX:BAP) has successfully completed its $180 million institutional placement.

Under the placement the company will issue around 40.9 million new fully paid ordinary shares to institutional investors at a price of $4.40 per share.

The company says the placement generated significant interest from institutional shareholders and was largely allocated to existing institutional shareholders on a pro rata basis.

The funds will be used tor educe Bapcor’s net debt position and gearing. The company says it is “seeking to maintain increased levels of cash on balance sheet to provide liquidity and flexibility in the current operating environment.”

Settlement of the placement is expected to occur on Tuesday, 21 April 2020.

Shares in Bapcor (ASX:BAP) are trading 0.83 per cent higher at $4.85.
.
 

Katrina Bullock

Finance News Network
Katrina is a respected TV journalist, as well as a renowned presenter and award winning lawyer. She holds a Bachelor of Laws (Honours 1st class, division 1), a Bachelor of Business (with Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She began her career as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel of Greenpeace Australia Pacific. In 2020 Katrina was named one of the 30 best lawyers in Australia under 30 by Lawyer's Weekly.