Listed holiday and accommodation park owner Aspen Group was pitching a capital raising to investors on Thursday afternoon.

Aspen owns the Four Lanterns Estate at Leppington in Sydney.

The $115 million company was in the market for $20 million in fresh equity, through a $17 million underwritten placement and a share purchase plan to raise up to $3 million, according to terms sent to funds.

The offer was priced at $1.10 a share, which represented a 7.9 per cent discount to Aspen’s $1.195 last close.

Moelis Australia was lead manager and underwriter on the deal and was calling for bids into the placement by 6pm on Thursday.

Funds were told the proceeds would go towards balance sheet strengthening, particularly in the wake of the company making two acquisitions in May.

Aspen acquired a residential build-to-rent project on the Gold Coast and a co-living community in the New South Wales city of Newcastle earlier this month.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones. Email Sarah at sarah.thompson@afr.com

Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years’ experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com

Tim Boyd is a journalist based in Sydney who writes for the Street Talk column. Connect with Tim on Twitter. Email Tim at tim.boyd@afr.com

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