WestSide Corporation Ltd report that the Company’s fully-underwritten, 2-for-5 pro rata non-renounceable Entitlement Offer and Top Up Facility (“Offer") at A$0.25 per share, raising $25.4 million, has closed well oversubscribed.
The Offer was oversubscribed with demand exceeding the 101,676,540 shares available under the Offer (the "New Shares") by 19 per cent. WestSide’s Australian and New Zealand-based shareholders took-up, on average, 93 per cent of their Entitlements.
Major shareholders Energy Infrastructure Trust and New Hope Corporation Limited and all Non-executive Directors subscribed for their full Entitlements. Executive Chairman Angus Karoll took-up 96 per cent of his Entitlement.