Bellamy’s doing well, but is it a buy?
Completion of entitlement offer for Institutional clients: Bellamy’s Australia Limited (ASX: BAL) has successfully completed its institutional component of its 5 for 38 fully underwritten pro rata accelerated non-renounceable entitlement offer of new fully paid ordinary shares in Bellamy’s (New Shares) non-renounceable entitlement offer with a take-up rate of approximately 96% and raised gross proceeds of approximately A$14.3 million. New shares subscribed under the institutional entitlement offer are expected to be settled on 22 June 2017 and to be issued and commence trading on the ASX on Friday, 23 June 2017. New Shares issued under the offer will rank equally with existing fully paid ordinary shares in Bellamy’s as at their date of issue. The entitlement offer is fully underwritten and is expected to raise approximately $60.4 million. Additionally, the retail entitlement offer is expected to open on 20 June 2017 and close 29 June 2017. The dispatch of the prospectus for the offer (with personalized entitlement and acceptance form for eligible retail shareholders) is scheduled to occur on 20 June 2017.
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