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.