G8 Education Limited Completed the rising of $31.8m from CIPI Placement

Completed the rising of $31.8m from CIPI Placement: G8 Education Limited (ASX:GEM) has completed the revised tranche-2 placement (represents the final stage of the investment by CIPI originally announced on 20 February 2017) to CFCG Investment Partners International (Australia) Pty Ltd (CIPI). Under the CIPI Placement Revised Tranche 2, CIPI has subscribed for and been issued 8.2 million shares at a price of $3.88 per share, representing $31.8 million of proceeds to G8. For FY17, GEM expects to generate an underlying EBIT of mid-to-high $170’s million despite pressure in occupancy levels. The group has been increasing prices as well as is focused on their costs to offset the occupancy pressure. The group also reported that their EBIT and margins are tracking ahead of schedule. GEM is positive on reducing the gearing (Net Debt/EBITDA) from 2.2 times to 1.1 times (through the recent capital raising), to have an improved balance sheet flexibility to pursue growth plans. Further, the launch of “Jobs for Families” childcare package would enable to achieve a more affordable and accessible child care.   


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