Orora Successfully Completes AU$1.1 Billion Equity Raising

Orora Ltd (ASX: ORA) has achieved a significant milestone with the successful completion of its Institutional Entitlement Offer and Placement, raising approximately AU$1.1 billion. The funds will be utilized to support the acquisition of Saverglass, strengthening Orora's position in premium segments within the glass industry.

Strong Institutional Support

The Placement and Institutional Entitlement Offer garnered substantial support from both existing and new institutional shareholders, highlighting their confidence in Orora's strategic direction. The institutional component of the Entitlement Offer saw an impressive uptake of approximately 83% of available entitlements.

Details of the Equity Raising

The Placement involved the issuance of around 167 million New Shares at an Offer Price of AU$2.70 per share, raising approximately AU$450 million. No shareholder approval was required for this component.

The Institutional Entitlement Offer saw the issuance of approximately 247 million New Shares at the same Offer Price, raising approximately AU$668 million.

Retail Entitlement Offer Opens Soon

Eligible retail shareholders in Australia and New Zealand will have the opportunity to participate in the Retail Entitlement Offer, set to open on September 12, 2023, and close on September 25, 2023. Shareholders who do not take up their full Entitlement will see their equity interest diluted.

Eligible Retail Shareholders taking up their full Entitlement will also have the opportunity to apply for additional New Shares, subject to availability under the Top-Up Facility.

What's Next

Settlement of the New Shares issued under the Institutional Entitlement Offer and the Placement is expected to occur on September 13, 2023, with trading commencing on September 14, 2023.

Orora's acquisition of Saverglass, facilitated by this successful equity raising, positions the company as a global player in the premium glass market.

For further details and key dates related to this transaction, shareholders and investors are encouraged to refer to the Investor Presentation released on September 5, 2023, containing important information, including risk factors and foreign selling restrictions.

Orora looks forward to an exciting future, building on its reputation as a leading manufacturer and distributor of sustainable packaging and visual solutions, further enabling its customers' brands to thrive in a competitive market.

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