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UPDATE: New Europe Property Investments Ups Equity Issue Amid Strong Demand

August 4, 2014

Steve McGrath

LONDON (Alliance News) - New Europe Property Investments PLC Monday said that it increased its equity issue to raise ZAR1.4 billion, or about EUR100.0 million, after the book was oversubscribed.

The new shares have been priced at ZAR95.50 per share, a 0.65% discount to the 30-day volume weighted average price, and a 3.51% discount to the previous closing price as at Friday. About 15.0 million new shares are expected to be issued.

The books had originally opened on a ZAR1.14 billion, or about EUR80 million, equity issue, as the company began a fundraising to go towards its future development and extension pipeline as well as possible acquisitions.

The company is issuing the shares through a so-called accelerated book build, whereby little or no marketing is done. Macquarie First South Capital Proprietary Ltd is acting as the sole bookrunner.

The company's shares were Monday untraded at EUR6.125.

Updated by Samuel Agini;; @samuelagini

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Source: Alliance News

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