Why is the Seven share price on watch?
This morning, Seven reported that it has successfully completed a $500 million fully underwritten institutional placement. That has resulted in 22.2 million new, fully paid, ordinary shares for those investors taking up the offer.
The “significantly oversubscribed” placement is a step forward for Seven and its capital management goals. Seven received strong support from new and existing domestic and international institutional investors.
The new shares from the placement come at an issuance price of $22.50 per share. That represents a 4% discount to the 16 April…