Befimmo raises EUR 166m in rights issue

Listed Belgian property company Befimmo said its rights issue which closed on 22 June had been fully subscribed, generating the targeted gross proceeds of some EUR 166.6 mln which will be used to bolster its financial position.

Befimmo said the success of the issue was 'a measure of the trust of its shareholders, existing and new, in the implementation of its strategy, especially in an uncertain economic context.'

The rights issue was executed in two phases. Over three million shares (3,416,852) were taken up in the initial public offering which closed on 18 June 2009, corresponding to 91.58% of the actions offered for subscription. During the second phase of the operation, the preferential rights not exercised as at 18 June were offered for sale on 22 June in the form of scrips reserved exclusively for institutional investors. The buyers of these scrips subscribed to 314,282 new shares at the same conditions as during the first phase: two new shares of EUR 44.65 per action for seven rights in the form of scrips.

The new shares will be listed on the regulated markets of Euronext Brussels and Euronext Paris from 25 June 2009.