G8’s share shore-up

GOLD Coast childcare provider G8 Education has announced the completion of a $30 million-plus share placement.

Earlier this year, G8 negotiated for Hong Kong-based CFCG Investment Partners International (Australia) (CIPI) to purchase a $212.8 million stake in the childcare provider at $3.88 per share.

However, after delivering the first tranche of $63.8 million in February, CIPI failed to provide the next payment of $149 million last month.

G8 cancelled the second tranche with CIPI and instead opted to raise $100 million via institutional investors at a discounted $3.10 to $3.20 per share. It also renegotiated its arrangement with CIPI for a $31.8 million second tranche at $3.88 per share.

G8 has raised approximately $196 million since February.