Home Consortium Announces Successful Completion of $125 Million Placement

Home Consortium Announces Successful Completion of $125 Million Placement

Home Consortium (ASX:HMC) is pleased to announce the successful completion of the fully underwritten placement announced on Friday, 4 December 2020 (Placement), raising approximately $125 million through the issue of approximately 32.9 million new stapled securities (New Securities) at an issue price of $3.80 per New Security, which represents a 2.6% discount to the last close price of $3.90 on Thursday, 3 December 2020.

The proceeds from the Placement will be used to fund the acquisitions and associated transaction costs of:

  • six health, education and government services assets, increasing HomeCo’s exposure to health, wellness and government assets; and
  • Gregory Hills Home Centre (NSW), increasing HomeCo's exposure to the Western Sydney growth corridor.

HomeCo endeavoured to allocate New Securities to existing securityholders eligible to participate in the Placement (and who submitted a bid for their entitlement), and otherwise allocated New Securities to existing and new professional and institutional securityholders.

HMC Executive Chairman & CEO, David Di Pilla, said "HomeCo has received strong demand from existing and new investors. The success of the Placement indicates an ongoing endorsement for our 'own, develop and manage' strategy. The acquisitions will further strengthen HomeCo's funds management platform and accelerate the establishment of a new health, wellness & government focussed REIT".

The Placement will settle on Wednesday, 9 December 2020, with allotment and normal trading of the New Securities to occur on Thursday, 10 December 2020. New Securities issued under the Placement will rank equally with existing HomeCo stapled securities from the date of issue, and will be entitled to the dividend for the half-year ending 31 December 2020.

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