Monday, September 26, 2022
Capital raise

Paladin raises $192 Million

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ASX-listed Paladin Energy ((PDN)) last week announced a $218.7 capital raise. At the time of writing $192.5m had been successfully completed via an institutional placement and the institutional component of the entitlement offer. The balance of funds will be raised (also at $0.37) via a fully underwritten retail entitlement offer which opens on March 24.

  • Paladin Energy (PDN) has successfully completed a placement and institutional entitlement offer and raised $192.5 million
  • This forms part of a larger $218.7 million equity raise to redeem senior debts and reduce its capital structure
  • Under the placement, roughly 347.3 million new shares were issued to raise $128.5 million, while the institutional entitlement offer raised the remaining $64 million through the issue of 173 million new shares
  • Shares under both the placement and entitlement offer were priced at 37 cents, a 20.4 per cent discount to Paladin’s trading price of 46.5 cents on March 16
  • The remaining $26.2 million will be raised through a retail entitlement offer, which is expected to open on March 24
  • Paladin is down 12.6 per cent on the market with shares trading at 39.8 cents

Under the placement, roughly 347.3 million new shares were issued to raise $128.5 million.

The institutional entitlement offer raised the remaining $64 million through the issue of 173 million new shares.

Shares under both the placement and entitlement offer were priced at 37 cents, a 20.4 per cent discount to Paladin’s trading price of 46.5 cents on March 16 and a 17.2 per cent discount to the five-day volume-weighted average price.

Additionally, under the institutional entitlement offer, shareholders received one new share for every 8.5 held.

Shares are expected to settle on March 25 and begin trading on the ASX on March 26.

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