Kiland Ltd (ASX:KIL) has secured $32.4 million in a fully underwritten 7 for 11 accelerated non-renounceable entitlement offer after completing the retail component of the offer.
Under the offer, retail shareholders were offered the opportunity to take up their pro rata entitlement by applying for new ordinary shares in Kiland at a price of $1.10 per share.
Shareholders were also able to apply for additional new shares subject to a scaleback that would ensure no single retail shareholder could acquire more than a 20% interest in Kiland.
The retail component of the entitlement offer opened on Tuesday, April 5, 2022, and closed on Monday, May 2, 2022.
The company received applications for 3,067,184 new shares and 1,837,667 additional new shares, expected to be issued on Monday, May 9, 2022, and begin trading the next day.
About Kiland Ltd (ASX:KIL)
Kiland is an Australian-based, ASX-listed company with some 18,600 hectares of agricultural land on Kangaroo Island, South Australia.
KIL’s properties on Kangaroo Island.