Investment Opps

Reliance Worldwide Institutional Entitlement

Investment Opps, Equity

Reliance Worldwide Corporation Limited (ASX: RWC) is pleased to announce the  successful completion of the institutional component of its fully underwritten 1 for 1.98 pro  rata accelerated non‐renounceable entitlement offer announced on Thursday, 24 May 2018 . 

The  institutional  component  of  the  Entitlement  Offer  raised  approximately  $946  million  at  the  offer  price  of  $4.15  per  new  ordinary  share  in  Reliance.  Completion  of  the Institutional Entitlement Offer  represents  the  first stage of Reliance’s up to $1.10 billion Entitlement Offer, which will be used to partly fund  the acquisition of John Guest Holdings Limited and pay associated transaction  costs.  The Institutional Entitlement Offer was  strongly  supported by existing eligible institutional  shareholders  who  took  up  over  98%  of  the  New  Shares  available  to  them  as  part  of  the  Institutional Entitlement Offer. The shortfall bookbuild was significantly oversubscribed with  strong demand from both existing and new institutional investors.  New Shares issued under the Entitlement Offer will rank equally with existing shares for all  future dividends, including the FY2018 final dividend. Settlement of New Shares under the Institutional Entitlement Offer is expected to take place on Monday 4 June 2018, with those New Shares expected to be issued and commence trading on the ASX on Tuesday 5 June 2018. 

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