News & Insights

Bell Potter, MST launch PointsBet retail shortfall

Sep 24, 2020

PointsBet's $350 million equity raising will wrap up with the sale of 1.05 million new shares to institutional investors.

Bell Potter and MST Financial launched the share auction after market on Thursday, seeking buyers for rights not taken up in the retail portion of PointsBet's rights issue.

The pair were calling for bids for 1.05 million shares in 10¢ increments from $6.50 a share.

Bids were due at 9am, according to terms sent to funds.

PointsBet shares closed at $10.18 on Thursday, after falling 5.7 per cent.

The brokers said retail shortfall shares had options attached, on a one option for every two shares basis. The options were exercisable at $13 and would expire in September 2022.