The former suitor of Eureka, the only pure-play over 50s rental community owner and operator, sold $33.6 million worth of Eureka Group shares after last Tuesday’s closing bell.
Fund managers were offered Eureka shares at 61 cents, a discount on the closing price of 65 cents. Filetron, the business owned by Ben Cottle, the founder, primary shareholder and Non-Executive Chairman of the FDC Group of companies, who blocked Aspen’s bid to buy the business agreed to take 20.5 million of the shares, which would mean Filetron has a 27.36% stake.
Aspen made $8.75 million on the purchase and sale.
Aspen now has a 13% stake in Eureka, which itself invited eligible retail shareholders to participate in a 1 for 3.4 accelerated non-renounceable entitlement offer of new shares, priced at 61 cents each. The offer aimed to raise a total of $55.4 million, with $15 million already secured from initial placements and $48.8 million from institutional investors.
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