Gage Rds completes Woolies exit

Gage Roads Little Dove New World Pale Ale

Gage Roads Little Dove New World Pale Ale

Gage Roads Brewing Co has completed its entitlement issue to shareholders, along with its buy back of all Woolworths’ shares in the company.

Thirty six per cent of shareholders took up their entitlements to purchase more shares, the company announced on Tuesday October 4.

This amounts to an actual take-up rate of 48 per cent, once Woolworths’ 25 per cent shareholding is removed from consideration.

The remaining entitlements will be placed with the underwriters, as foreshadowed in the offer prospectus.

Shareholders approved the buy back of Woolworths’ shares at the AGM on September 30.

The company also made good on its plan to issue shares to directors and key employees, with retention and earnings hurdles, as well as refinancing its debt facility.

The newly issued shares will be quoted on the ASX for trading today, Wednesday October 5.

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