New Europe Property Investments plc ('NEPI') has announced that the company has successfully completed the rights issue announced to the market on October 28, 2011.
Shareholders were offered the right to subscribe for 14.285.714 additional shares in the company (approximately 40 million in fresh equity) on a pro-rata basis to shareholding prior to the rights issue. Shareholders could also apply for additional shares to the extent that some shareholders did not take up the offer.
The rights issue was oversubscribed by 48%. 1,575 shareholders participated in the rights issue process and applied for 6.827.569 million more shares than the 14.285.714 million offered.
"The overwhelming positive response from our shareholders to the rights issue positions NEPI to continue its expansion in a market which is likely to offer more attractive investment opportunities in the months to follow due to a reduction of availability of bank finance," said Martin Slabbert, CEO of NEPI.