AXIOM has announced a fully underwritten pro-rata, non renounceable rights issue to raise $10.8 million.
The offer to Australian and
Axiom Properties’s chairman Ian Laurance said whilst the company remains optimistic about its projects, he added in the present difficult market circumstances it is wise to be prudent and conservative.
“The $10.8 million before costs raised via the Rights Issue will strengthen the company’s balance sheet and provide the necessary capital to maintain timely progress on our World Park Adelaide Project.
“In addition to the rights issue, other revenues are anticipated this financial year, principally from the Port Geographe Canal Development where Stages 1 and 2 are due for settlement,” he added.
Laurance said titles to these two stages have been delayed by the regulatory approval process but are still expected in the second half of the calendar year 2008.
“Directors believe that it is prudent to raise capital via the rights issue at this time in case there are any further delays to the Port Geographe settlements caused by the regulatory approval process,” he concluded.
Australian Property Journal
