Mirrabooka Raises $85M in Oversubscribed Entitlement Offer with Scaled-Back Top-Up
Mirrabooka Investment Limited has successfully closed its $85 million entitlement offer, which was oversubscribed, prompting a scale back of Top-Up Facility applications.
- 1-for-7 non-renounceable entitlement offer completed
- Approximately $85 million raised at $3.06 per share
- Offer oversubscribed with 119% take-up rate
- Scale back applied to Top-Up Facility applications
- New shares to commence trading on 11 June 2025
Successful Capital Raise Amid Strong Demand
Mirrabooka Investment Limited has announced the successful completion of its recent entitlement offer, raising approximately $85 million through the issuance of new shares. The 1-for-7 non-renounceable pro-rata offer was priced at $3.06 per share and closed on 2 June 2025, exceeding expectations with an oversubscription from eligible shareholders.
Oversubscription and Scale Back Mechanism
The entitlement offer attracted applications for around 33 million new shares, representing a 119% take-up rate. This strong demand led to an oversubscription, particularly under the Top-Up Facility, which allows shareholders to apply for additional shares beyond their entitlement. To ensure fairness, the Mirrabooka board has implemented a scale back on these excess applications, with refunds to be processed from 10 June 2025.
Implications for Shareholders and Market
The new shares are expected to be allotted on 10 June and will begin trading on the Australian Securities Exchange on 11 June 2025. These shares will rank equally with existing shares, maintaining shareholder equity balance. Eligible shareholders are advised to verify their holdings before trading to avoid any confusion.
Strategic Context and Outlook
This capital raising effort reflects Mirrabooka's ongoing strategy to strengthen its financial position and support future investment opportunities. The oversubscription signals strong investor confidence, although the scale back introduces a layer of complexity for shareholders seeking to increase their stakes. Market participants will be watching closely to assess how this capital injection influences Mirrabooka's investment capacity and share price performance in the coming weeks.
Bottom Line?
Mirrabooka’s oversubscribed raise sets the stage for renewed investor interest, but the scale back leaves some questions on shareholder appetite.
Questions in the middle?
- How will the scale back impact the distribution of shares among major shareholders?
- What are Mirrabooka’s plans for deploying the newly raised capital?
- How might the market react once the new shares commence trading next week?
