The Brisbane Markets Limited (BML) Board can now confirm the initial part of its capital raising has successfully secured $22.44 million by way of a placement offer to sophisticated investors.
With BML experiencing ongoing demand for warehouse space, funds from the capital raising will be used to support the ongoing growth of the company and development of the Brisbane Markets site.
In responding to the demand for warehouse space, BML has now commenced construction of a new 5,578m2 Montague warehouse. With outstanding expenditure of $14 million to complete the facility, it will become the centrepiece of Montague’s Queensland operations.
This exciting new development project is due to be completed by May 2019 with BML contracting SBP Australia Pty Ltd to construct the warehouse.
A range of other potential projects have also been identified in addition to the Montague warehouse.
With the initial first stage of the capital raising completed, the second stage will now be progressed with the issue of a Prospectus to all existing shareholders expected to occur in approximately four weeks.
Under the capital raising, BML will be seeking to raise a total of up to $38.4 million.
Under the Prospectus, existing shareholders will be offered shares under a rights issue. There will also be a public offer under the Prospectus for new investors and those existing shareholders interested in applying for additional shares.
This circular is for information only, and no action is required at this stage. BML will issue further information at the appropriate time, which will include the required Prospectus providing the relevant information to assist you in relation to any investment decision which you make. Anyone wishing to participate under that offer will need to complete the application form that will accompany the Prospectus.
Chief Executive Officer