Dealt to raise $93.4M and restructure

• Capital raise maximum set at $93.4M, minimum at $28.4M at 50 cents per share
• Prospectus filed today to ASIC, capital raising offer starts 29 March 2021
• The company is to also restructure for efficiency of activities

Dealt Limited (ASX: DET) and 360 Capital Group (ASX: TGP) announced to the ASX this morning that a prospectus and product disclosure statement (PDS) for capital raising efforts had been lodged with ASIC.

The lodgements were for Dealt Group, with a restructure on the cards.

The raise

Dealt have set the capital raise ceiling at $93.4 million, a minimum of $28.4 million.

The raise is at 50 cents per share, Dealt said it is “to support the recapitalisation and restructure of Dealt Group.”

Targets set for annual returns from investment activities is stated as 6%, paid monthly, among other capital growth from activities across the Dealt Group.

Today’s announcement also included information about the appointed capital raising and broker team, including investment adviser Cambridge Investment Partners, lead manager Shaw and Partners, and co-manager Vested.

In its prospectus and PDS, the company said the timeline for activities are as follows:

1. Filing the prospectus and PDS with ASIC, 18 March 2021
2. Capital raising record date, 18 March 2021
3. Capital raising offer period commencement, 29 March 2021
4. Priority offer and 360 Capital offer close, 5:00 pm AEST, 29 March 2021
5. General offer and broker firm offer closes, 5:00 pm AEST, 6 May 2021
6. Issue of shares under capital raising, Friday 14 May 2021

The restructure

Currently, the Dealt Group is comprised of Dealt Limited and two sub-structures: various property SPVs, and Dealt Mortgage Management Pty Ltd.

The restructure sees Dealt become what the company calls a “stapled Group” (Dealt Group), consisting of the Company (“Dealt Limited”), and the Trust (“Dealt Trust”).

Dealt explains the “proposed” stapled structure is “in response to the different activities that are proposed to be undertaken by the Group and provides an effective way to separate the passive income activities and the business income activities in the most efficient structure.”

For full details on the capital raise and restructure, please see the Dealt website.

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