Australia's Abacus Property slips most in 2 years on discounted share placement

Abacus

18/03/2022 01:25

** Shares of Abacus Property Group  ABP.AX  down as much as
6.5% to A$3.33, their biggest daily pct loss since March 2020
    ** The real estate firm announced placement to raise A$200
mln ($147.70 mln) at A$3.38/share after market close on Thursday
 urn:newsml:reuters.com:*:nASX4tnkqC
    ** Offer price is at a discount of 5.1% to stock's last
close
    ** ABP says proceeds from the Placement will be used to
replenish investment capacity spent on acquisitions yet to
settle, among others
    ** Adds it intends to also undertake a security purchase
plan, expected to raise A$15 mln at the same offer price
    ** Stock down to its lowest levels since Jan 28
    ** About 2.4 mln shares change hands, compared with the
30-day average volume of 869,000 shares
    ** ABP is among the tops losers on benchmark ASX 200  .AXJO 
    ** ABP down 6% this year as of last close


($1 = 1.3541 Australian dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))