New shares under the Retail Entitlement Offer are expected to be allotted on Tuesday, 28 April 2020 and commence trading on the ASX on Wednesday, 29 April 2020. This is due to open on April 8, before closing on April 21.Eligible retail shareholders will be able to subscribe for 1 new share for every 1 fully paid ordinary shares held in Webjet as at 7:00pm (AEDT) on the record date of April 3. Even before the capital raising, the Webjet share price had been sent lower by 72%.Webjet was aiming to raise at least $275 million from investors by selling shares at an offer price of $1.70, a discount of 32.2% to the ‘theoretical ex-rights price’ of $2.51 (according to Webjet). Reading through the offer it talks about the Retail Offer Booklet being dispatched. This will be conducted at the same price as the institutional offer – $1.70 per new share. The Nufarm share price is on watch. Get in Touch . Shares in Webjet are currently trading at
The online travel agent’s shares were down as much as 33% to $2.53 at one stage.Thankfully, they have bounced back strongly since and are now down 13% to $3.27.Webjet’s shares had been suspended from trade over the last couple of weeks whilst it sought funding to see it through the coronavirus crisis.The closing of borders and travel restrictions globally have hit Webjet and fellow travel bookers significantly, leaving them in a precarious position.The good news is that Webjet has been able to come up with funding that will see it through to at least the end of 2020.This morning the company revealed that it has successfully completed its institutional placement and institutional entitlement offer.The size of placement was increased due to strong demand, leading to the company raising $231 million from institutional investors at a price of $1.70 per new share.
Rask’s investment analysts have identified The Afterpay Ltd (ASX:APT) share price has dropped another 4% this morning as investors worry about PayPal Holdings Inc (NASDAQ:PYPL). Travellers wanting more flexibility and to get off the beaten track are in luck too: Webjet also offers cheap car hire and motorhome hire. This equity raising provides Webjet significant liquidity to navigate the near-term uncertainty created by COVID-19, and importantly positions us to continue our leadership in our global WebBeds business and Australian OTA.”“We provide an essential distribution channel in the travel sector and anticipate we will play an even more valuable role connecting our clients and hoteliers in a recovering environment and as travel volumes return in the future,” he added.Webjet will now push ahead with its retail entitlement offer. 7:10am, shares in
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