Equity Trustees raises $83.5m

Group completes placement and institutional entitlement offer to fund ANZ buy.

Equity Trustees (EQT) has raised $83.5 million in completing its placement and institutional entitlement offer to fund its acquisition of ANZ trustees.

The suitor said it received strong support from existing shareholders, with 20 new institutional investors joining Equity's share register in the $17 per share offer.

The raising will fund Equity's purchase of ANZ Trustees from the Australia and New Zealand Banking Group for $150m, announced last week.

Equity expects its trading halt to be lifted at market open today after saying the book build was heavily oversubscribed.

The retail component of the offer is fully underwritten and will raise approximately $76.5 million, with eligible retail shareholders on the record on April 15 able to participate.

InvestSMART FORUM: Come and meet the team

We're loading up the van and going on tour from April to June, with events on the NSW central & north coast, the QLD mid-north coast and in Perth, Adelaide, Melbourne, Sydney and Canberra. Come and meet the team and take home simple strategies that you can use to build an investment portfolio to weather any storm. Book your spot here.

Want access to our latest research and new buy ideas?

Start a free 15 day trial and gain access to our research, recommendations and market-beating model portfolios.

Sign up for free

Related Articles