Foster's Brewing Group Limited today announced it had raised $350 million via a placement of approximately 66.7 million fully paid ordinary shares to local and offshore institutions at $5.25 per share.
The price represents a 3% discount on the closing price of Foster's Group shares on 26 June 2001. The placement was completed by a global overnight bookbuild.
Foster's President and CEO, Mr Ted Kunkel, said: "We are very pleased with the response from investors. This is a strong result which underscores Foster's global attraction as a first-class investment destination."
"In driving the business to maximise returns, Foster's is committed to efficient capital management. The purpose of the fund raising is to provide added flexibility to take advantage of opportunities that may arise, which can add value to the core businesses."
Foster's also announced that all Australian and New Zealand shareholders would be given an opportunity to take up shares at the placement price through a Share Purchase Plan.
Under the Share Purchase Plan all Foster's shareholders will be able to subscribe for up to $3,000 worth of ordinary shares at the placement price of $5.25, without incurring brokerage or stamp duty.
"This gives all our shareholders, and particularly our loyal smaller investors, the opportunity to participate in the equity raising at the same price as institutions, without incurring any charges," Mr Kunkel said.
The date for determining entitlements to receive an offer under the Plan is Friday, 29 June 2001, with the Plan presently only to be conducted in 2001. The maximum number of shares that could be issued under the Plan if all holders accept their entitlement in full is approximately 95.3 million shares.
Shareholder approval is not required for the Plan. The shares issued will rank equally with all other ordinary shares. Any additional funds raised under the Plan will be used for the same purpose as the funds raised under the placement. Full details of the Share Purchase Plan will be set out in documentation which will shortly be sent to shareholders.
Further Information
Media:
Nicole Devlin
Tel: +613 9633 2261
Mob: 0418 202 375
Email: nicole.devlin@fostersgroup.com
Investor Relations:
Domenic Panaccio
V-P Capital Markets
Tel: +61 3 9633 2773
Mob: 0418 243 714
Email: domenic.panaccio@fostersgroup.com
