L1 Group has requested an immediate trading halt on its securities, pending an announcement regarding an equity raising initiative. The planned equity raising will incorporate both an institutional placement and a share purchase plan, providing opportunities for a range of investors to participate. L1 Group is a diversified investment firm. The trading halt is set to remain in effect until the earlier of the announcement concerning the placement details or the commencement of trading on Tuesday, October 31.
According to a report in the Australian Financial Review’s Street Talk column on Wednesday, Macquarie Capital has been engaged to spearhead the effort to raise $300 million from investors. This significant capital injection is earmarked for growth capital, which will be strategically deployed to seed new strategies within the company’s investment portfolio.
The company intends to use the raised capital to fuel its expansion plans and support the development of new investment strategies. The specific details of the institutional placement and the share purchase plan, including pricing and allocation, are expected to be released in the forthcoming announcement.
Investors and market participants are advised to monitor updates from L1 Group regarding the equity raising and the lifting of the trading halt. The announcement is anticipated to provide further clarity on the company’s strategic direction and growth initiatives.