8 October 2012
349 FORTH ROAD FORTH TAS 7310
Postal address
PO Box 1283
DEVONPORT TAS 7310
Australia
Telephone 61 (03) 6427 5000
Facsimile 61 (03) 6427 5001
The Manager
Companies Announcements Office Australian Securities Exchange
Level 4
20 Bridge Street
SYDNEY NSW 2000 Via elodgement
Dear Sir/Madam,
Webster Limited is pleased to announce the successful
completion of its 1 for 4 renounceable rights issue (Rights
Issue), which closed on Wednesday, 3 October 2012.
Due to the perceived level of support, directors resolved not
to have the Rights Issue underwritten and as anticipated the
issue has been over-subscribed, raising approximately $13.4
million from the issue of new ordinary shares (New Shares) at
an offer price of $0.50 per New Share. The Rights Issue was
undertaken in conjunction with a placement of approximately
$7 million also at $0.50 per share which completed on 5
September, resulting in a total raising of approximately
$20.4 million.
The proceeds will be used to fund establishment of a walnut
cracking plant, facilitate an increase of up to 50% in the
walnut orchard estate over the next 4 years and to maintain a
conservative balance sheet whilst retaining the ability to
consider growth opportunities that may present themselves in
related areas.
Webster Limited would like to acknowledge the strong support
it received from its shareholders for
the Rights Issue. Under the shortfall offer, eligible
shareholders were also entitled to apply for shares in excess
of their entitlement (Additional New Shares). A shortfall of
approximately 2.1 million shares was more than compensated
for by the approximately 14 million Additional New Shares
applied for under the shortfall offer.
As a result of the demand for Additional New Shares, Webster
Limited will allocate Additional New Shares according to each
applicant's shareholding as at the Record Date, and the
number of Additional New Shares applied for.
The New Shares and Additional New Shares are scheduled to be
issued on 11 October 2012 and are expected to commence normal
trading on ASX on 12 October 2012.
For enquiries contact: Susan Stegmann
Company Secretary
Tel: (03) 6427 5000
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