Dow Jones Newswires
Australand Holdings said today it was launching a seven-for-10 entitlement offer to raise $475 million.
The Sydney-based group said the offer would be pitched at 40 cents per new stapled security and will consist of institutional and retail components.
Australand said the raising was not expected to affect control of the group by Singapore’s CapitaLand, which it said had confirmed it planned to subscribe for its full entitlement and would continue to hold about 59.27 per cent of the group.
The company last traded at 50c a share.
Australand also announced a net loss of $268.8m for the year ended June 30, compared with a net profit of $25.5m a year before.
Operating profit before unrealised property revaluation losses and development inventory impairments was down 11 per cent to $60m.
Revenue fell 29 per cent to $311.3m from $436m.
Australand will pay an interim distribution of 3c a unit.