Cromwell in capital raising
Just days after announcing it was abandoning its acquisition of Orchard Funds Management, Cromwell Property Group has announced a major capital raising and the acquisition of the Qantas headquarters near Sydney Airport.
Cromwell yesterday announced an institutional placement to raise $80 million, and a rights issues to raise a further amount, up to a combined total of $120 million. Around $85 million of the raising would be used in conjunction with a new debt facility of $84 million to acquire the Qantas Headquarters, Cromwell said.
The company said it would use any surplus to strengthen its balance sheet.
Cromwell last week announced it was withdrawing its proposed acquisition of Orchard Funds Management on the basis that its major financiers did not accept the underlying value of the proposal.
AUTHOR
Mike Taylor
Recommended for you
The FSCP has announced its latest verdict, suspending an adviser’s registration for failing to comply with his obligations when providing advice to three clients.
Having sold Madison to Infocus earlier this year, Clime has now set up a new financial advice licensee with eight advisers.
With licensees such as Insignia looking to AI for advice efficiencies, they are being urged to write clear AI policies as soon as possible to prevent a “Wild West” of providers being used by their practices.
Iress has revealed the number of clients per adviser that top advice firms serve, as well as how many client meetings they conduct each week.
