This year there have been a large number of companies announcing capital raisings.
While the majority of these came at the height of the COVID-19 pandemic, they continued in May.
Here are all the capital raisings that occurred on the S&P/ASX 200 Index (ASX: XJO) last month:
Atlas Arteria Group (ASX: ALX)
Amount: $495 million, comprising a fully underwritten $420 million institutional placement and a non-underwritten Share Purchase Plan (SPP) to raise up to $75 million.
Offer price: $6.20 per new share, representing a 7.5% discount to its last close price.
Reason: The proceeds will be used to repay its existing €350 million MIBL Facility.
Blackmores Limited (ASX: BKL)
Amount: $117 million, comprising a fully underwritten $92 million institutional placement and non-underwritten SPP to raise up to ~$25 million.
Offer price: $72.50 per new share, which represents an 8.1% discount to its last close price.
Reason: To accelerate growth in Asia, invest in efficiency program, and position its balance sheet for strength.
Breville Group Ltd (ASX: BRG)
Amount: $104 million, comprising a fully underwritten $94 million institutional placement and a $10 million underwritten SPP.
Offer price: $17.00 per new share, which equates to a 9.1% discount to its last close price.
Reason: To enhance Breville’s financial flexibility to continue to invest in the execution of its growth agenda while maintaining a strong financial position. The former includes entering new markets in FY 2021.
Incitec Pivot Ltd (ASX: IPL)
Amount: $675 million, comprising a $600 million fully underwritten institutional placement and a non-underwritten SPP of up to $75 million.
Offer price: $2.00 per new share, which represents an 8.7% discount to its last closing price.
Reason: To take pre-emptive action to strengthen its balance sheet to increase resilience in the current environment and provide financial flexibility to pursue disciplined organic growth opportunities.
Mesoblast limited (ASX: MSB)
Amount: US$90 million (A$138 million) via a placement to existing and new institutional investors.
Offer price: A$3.20 per new share, which represents a 7% discount to its last close price.
Reason: The proceeds will be used predominantly to scale-up manufacturing of its lead product candidate remestemcel-L. This product is for the treatment of critically ill patients suffering with diseases caused by cytokine release syndromes associated with high mortality, particularly COVID-19 acute respiratory distress syndrome.
National Storage REIT (ASX: NSR)
Amount: $330 million, comprising a fully underwritten $300 million institutional placement and a non-underwritten SPP to raise up to a further $30 million.
Offer price: $1.57 per new share, which represents a 7.1% discount to its last close price.
Reason: To strengthen its balance sheet, replenish investment capacity, and provide additional funding flexibility.
Newcrest Mining Limited (ASX: NCM)
Amount: $1.1 billion, comprising a $1 billion fully underwritten institutional placement and a $100 million SPP.
Offer price: $25.60 per new share, representing a 7% discount to its last closing price.
Reason: To purchase the Fruta del Norte Financing Facilities and to fund future growth options such as the construction of declines at Havieron and Red Chris.
Qube Holdings Ltd (ASX: QUB)
Amount: $500 million via a fully underwritten 1 for 6.35 accelerated non-renounceable entitlement offer.
Offer price: $1.95 per new share, representing an 11.8% discount to its last close price.
Reason: To leave the company conservatively geared, with significant balance sheet flexibility and liquidity to continue to pursue its robust growth agenda.
United Malt Group Ltd (ASX: UMG)
Amount: $165 million, comprising a fully underwritten $140 million institutional placement and a non-underwritten $25 million SPP.
Offer price: $3.80 per new share, representing an 11.4% discount to its last close price.
Reason: Taking pre-emptive action to strengthen the balance sheet to increase resilience in the current environment and provide financial and operational flexibility to continue disciplined investment.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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