The ASX 200 (ASX: XJO) is up more than 1% as the market continues to act volatile. But today, it’s positive volatility.
Sydney Airport Holdings Pty Ltd (ASX: SYD)
Sydney Airport recently finished the retail/regular investor element of its $2 billion capital raising, retail investors took up about 62% of the potential value, equating to $430 million.
There were four key reasons for the capital raising: to substantially reduce net debt, to enhance financial resilience, to maintain its investment grade credit rating and increase liquidity.
The airport operator announced today it has completed its retail shortfall bookbuild. That means the gross proceeds have been $695 million from the retail offering at a price of $4.56 per new share.
The retail bookbuild was done at a share price of $5.50, which was a $0.94 premium per share over the offer price of $4.56. Retail investors who didn’t take up their entitlement will receive $0.94 less expenses per each entitlement.
Sydney Airport Chairman Trevor Gerber said: “We would like to thank our securityholders for their continued support. The funds raised will enhance our financial resilience in these challenging times and ensure that we are strongly positioned when the recovery emerges.”
Western Areas Ltd (ASX: WSA)
Today, Western Areas provided an update about the construction of its activities at its Odysseus mine located at the Cosmos operation.
The de-watering and rehabilitation of the main access decline has been completed. There has been commencement of the main Odysseus decline and return airway full-face development.
The underground ventilation infrastructure has advanced, with completion of the DORA vent rise and the mid-shaft access.
The headframe and winder refurbishment and associated assets is ongoing in South Africa with the expected shipping date in the second quarter of FY21, which is within the timelines.
The life of mine pump stations have been commissioned and the reticulation to the water management ponds have been completed. The power plant upgrades are ongoing to accommodate growing power demand.
The team over at Rask Media have covered the rest of today’s news, so make sure you head over there for more ASX share market coverage.
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