Kiland Ltd (ASX:KIL) has completed the institutional component of its $32.4 million fully underwritten 7 for 11 accelerated non-renounceable entitlement offer at $1.10 per share.
The offer was launched on March 29, with funds going to the reversion of Kiland’s estate from forestry to a more traditional agricultural use.
The institutional offer raised approximately $24.7 million with the Retail Entitlement Offer expected to raise approximately $7.7 million.
KIL's Institutional Entitlement Offer was well supported by existing institutional shareholders with approximately 77% take-up by eligible institutional shareholders.
New shares issued under the institutional offer will be allotted on April 4 2022 and are expected to commence trading on April 5, 2022, when the retail component is expected to open.