The company announced on 12 April 2017 that it would complete the purchase of the Kangaroo Island FIT estate on 28 April 2017. The Company confirms that the transaction has now been completed as planned. The balance payable for settlement, including all costs, adjustments, fees and stamp duty, was approximately $53m.
The Company has drawn down $25m from its debt facility with CBA to assist in completing the purchase. Funds from the recently-completed institutional placement and accelerated institutional entitlement issue were used for the balance of the acquisition costs, along with $3.25m in short-term unsecured debt, pending receipt of $10.45m from the retail component of the current entitlement issue. The retail component is underwritten by Petra Capital Pty Ltd.