RENT.COM.AU ANNOUNCES FULLY UNDERWRITTEN RIGHTS ISSUE Rent.com.au Limited (ASX: RNT) (“RENT” or “the Company”),
Australia’s Number 1 website dedicated to rental property, is pleased to announce a fully underwritten, non‐renounceable pro rata offer of up to 36,376,607 shares at an issue price of $0.15 each.
The issuewill raise $5,456,491 (before costs)which will allow the Company to commence the offline phase of its national branding campaign.
Key Highlights:
Demand for sub‐underwriting allocation was heavily oversubscribed
Funds to be used primarily on commencing offline marketing activities
Total of $8.5 million cash (after costs) following completion of the issue
RENT Managing Director, Mark Woschnak, said he was pleased with the strong demand from institutional and sophisticated investors which reflected the Company’s continued strong progress against its core objectives.
“We recently announced that March 2016 was one of our strongest months on record, with the strongest new agent registrations since listing and all‐time highs in the number of unique visitors and also non‐agent listings on the site,” Mr Woschnak said.
“We have a strong Board and Executive Team, robust and scalable technology and are now well capitalised to further accelerate our commercialisation objectives by commencing offline marketing activities to support our recently deployed national sales team.
” Shareholders of the Company as at the Record Date of 13 April 2016 will be eligible to acquire 1 additional share for every 3 shares they hold at the Record Date, with acceptance forms to be returned by the Closing Date of 28 April 2016.
The issue price of $0.15 per share represents an 18% discount to the 10 day Volume Weighted Average Price (“VWAP”). Jett Capital Advisors Pty Ltd are the lead manager and underwriter of the Offer, with GMP Securities acting as brokers to the offer.
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