Paul Leaf-Wright, CEO of Atlantic Leaf Properties.
Atlantic Leaf Properties Limited today announced a successful private placement of 27.6 million new shares raising £30.4 million (R567.5 million). Commenting on the placement, Paul Leaf-Wright, CEO of Atlantic Leaf, said, “We are very appreciative of the confidence shown in the company and its strategy, which has allowed us to successfully raise this amount of capital from a diversified investor base.”
The company said that it has identified specific investment opportunities into which this capital will be deployed. It is anticipated that these acquisitions will be completed in the next quarter. The company is in a growth phase and has indicated that it foresees raising further capital in order to pursue additional asset acquisitions.
Of the capital raised, £13.7 million was raised on the Stock Exchange of Mauritius and R312 million (£16.7 million) was raised via the JSE. The issue price of the shares was £1.10 and R20.54 on the respective exchanges.
Leaf-Wright added, “The issue price approximates the current net asset value per share. The company has shown good growth since inception a little over twelve months ago when the first shares were issued at £1 per share. We are also pleased to have attracted a number of new shareholders to the company which we think will assist in increasing the trad-ability of the company’s shares.”
Following settlement of the private placement shares, the company will be valued at £67.7 million (R1.26 billion) at the issue price of the private placement, which Leaf-Wright believes is a solid platform from which to further grow Atlantic Leaf.