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Carsales.com Completes Institutional Entitlement Offer

29 Jun 2022  |  09:34:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: carsales completes Institutional Entitlement Offer

Carsales.com announced the successful completion of the institutional component (Institutional Entitlement Offer) of its fully underwritten 1 for 4.16 pro-rata accelerated non-renounceable entitlement offer that was announced on 27 June 2022. The Institutional Entitlement Offer raised A$842m at the offer price of A$17.75 (Offer Price) per new share (New Share) and was well supported by institutional shareholders with take-up of 90% by eligible institutional shareholders. As announced on 27 June 2022, the proceeds from the capital raising will be used to acquire the remaining 51.0% interest in Trader Interactive for USD$809m, or AUD$1,172m equivalent (Acquisition).

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