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Navigator Global Investments Limited (‘Navigator’ or the ‘Company’) is pleased to announce the successful completion of the accelerated acquisition of incremental profit distributions and settlement of the 2026 redemption payment to GP Strategic Capital (formerly Dyal Capital) (‘GP Strategic Capital’) previously announced on 1 August 2023 (“the transaction”).
The equity raising, the proceeds of which were used to fund a portion of the total consideration payable to GP Strategic Capital, was successfully completed on 3 January 2024 and comprised the 1 for 2.529 non-underwritten, non-renounce able pro rata offer by Navigator to eligible shareholders (“Rights Issue”) and the placement to Dyal Trust as holder of the 2021 Convertible Notes (“Noteholder Offer”). The Rights Issue raised approximately A$89million at the offer price of A$1.00 (“Offer Price”) per new fully paid ordinary share (“New Share”) and was well supported by eligible shareholders with a take-up of approximately 93% of the Rights Issue. The final size of the Noteholder was approximately A$26 million with 26 million New Shares being issued to Dyal Trust based on the Offer Price.
As a result of the transaction, Dyal Trust now holds a relevant interest of 46.3% in the Company and a 52.2% economic interest in the Company. On completion, Navigator Chairman, Michael Shepherd said “We are excited to take this important step and complete this transformative transaction which has been strongly supported by our shareholders. We look forward to continuing to work with our partners at GP Strategic Capital to deliver on our strategic priorities, including undertaking further growth initiatives in the alternative asset management sector in the near term.”
