Goodwill in $122m placing of shares
Financial services and property investment and development company Goodwill Investment (Holdings) is to raise $122 million through a share placing and subsequent subscription by its dominant shareholder.
The company said last night it planned to place 44.5 million shares - existing shares held by its 70.4 per cent shareholder Goodwill International (Holdings) - with independent third parties unconnected with directors, the chief executive or substantial shareholders at a price of $2.80 a share.
The shares represent 20 per cent of the existing issued capital, or 16.6 per cent of enlarged capital.
The price is a 6.7 per cent discount on the shares' close yesterday of $3.
Goodwill International will then subscribe for the same amount of shares at the same price.
After both legs of the deal, it will see its stake come down to 58.7 per cent.
Directors said the placing would broaden the company's shareholder base.
