Raptis Group Limited (ASX:RPG) has announced a private placement and a non-renounceable entitlement offer to raise approximately $1.98 million before costs. The company successfully completed a private placement of 22.5 million shares to new sophisticated investors, GAS Asset Holdings Pty Ltd and Hayman Developments (QLD) Pty Ltd, at $0.01 per share, raising $225,000. These investors also underwrite the entitlement offer.
The entitlement offer is a one-for-one pro rata non-renounceable offer to existing shareholders, aiming to raise up to $1.753 million. The offer price is also $0.01 per share. The entitlement offer is fully underwritten by GAS Asset Holdings and Hayman Developments. The shares will be offered to eligible shareholders in Australia, New Zealand, and the United Kingdom as of the record date of May 23, 2025.
The proceeds will primarily be used to potentially purchase the management rights business of the Sterling Broadbeach residential development. This acquisition is subject to shareholder approval under ASX Listing Rule 10.1, given the interest of Patmos Development Holdings Pty Ltd, an associate of James and Helen Raptis, in the asset. An independent expert has been engaged to report to shareholders, with the purchase price anticipated to be between $1 million and $2 million. If the acquisition does not proceed, Raptis intends to source an alternate management rights business of a similar value on the Gold Coast.
GAS Asset Holdings and Hayman Developments each received 11.25 million shares under the placement, representing approximately 6.4% of the company’s shares after the placement. If no existing shareholders participate in the entitlement offer and the underwriters do not enter into sub-underwriting arrangements, each underwriter’s interest could increase to a maximum of 28.2%.
