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PropTech Group Announces Completion of Retail Entitlement Offer

Written by James Lawrence
18 July, 2021
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PropTech Group Limited (ASX: PTG) (Company) is pleased to announce the completion of the retail component (Retail Entitlement Offer) of its 1 for 8.57 accelerated pro rata non-renounceable entitlement offer of new fully paid ordinary PTG shares (New Shares).

The Retail Entitlement Offer closed on Thursday, 15 July 2021 and has successfully raised ~A$2.4 million at an offer price of A$0.72 per share (Offer Price).  Together with the institutional component of the entitlement offer and placement to institutional investors which settled on Wednesday, 7 July 2021, the total amount raised under the capital raising is ~A$15.5 million.

The Retail Entitlement Offer was well supported with a take-up rate of entitlements of approximately 55% by eligible shareholders.  Eligible retail shareholders subscribed for ~3.35 million New Shares under the Retail Entitlement Offer (including oversubscriptions).

The New Shares issued under the Retail Entitlement Offer will rank equally with existing shares on issue.  The New Shares are expected to be issued on Thursday, 22 July 2021 and are expected to commence trading on the Australian Securities Exchange (ASX) on Friday, 23 July 2021.

The Retail Entitlement Offer Shortfall (Shortfall) is therefore approximately 2.76 million New Shares, worth approximately A$1.99 million at the Offer Price.  The Retail Entitlement Offer was not underwritten and accordingly the Company retains the flexibility to place the Shortfall, but has made no decision to do so at this stage.

Joe Hanna, PropTech Group’s CEO, commented:

“We are grateful for the continuing support from our retail shareholders and are pleased to now confirm the successful completion of the Entitlement Offer. The acquisition of Eagle Software, which we expect to complete later this week, will further accelerate the Company’s growth”.

This announcement has been authorised for release by the Board of Directors of PropTech Group Limited.

To download the full ASX announcement (PDF file) please click here.

For more PropTech Group announcements and investor information, please click here.

About the PropTech Group

The PropTech Group, listed on the Australian Exchange (ASX:PTG) provides technology to more than half of Australia’s real estate agents and has a rapidly growing presence in New Zealand and the United Kingdom.

It provides the technology for real estate agents to stay ahead of the game through brands such as VaultRE in Australia and New Zealand and VaultEA in the United Kingdom.

Other prominent offerings include Eagle, MyDesktop, Website Blue, Designly, Real Estate Investar and RentFind Inspector.

The PropTech Group aims to simplify the way people buy, sell and rent property.  In addition to its stable of strong brands, the PropTech Group has a rapid product development capability to provide better technology for real estate agents and an improved experience for their clients.

James Lawrence

James is Group Digital Marketing Manager at PropTech Group. He has been writing about real estate and technology for more than 15 years. His background is in digital marketing and communications. In his spare time, he loves to surf, swim and play the piano.

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