The ASX-listed affordable housing provider on Monday said it had sold out of the only pure-play over 50s rental community owner and operator, which it had sought to buy in January last year.
Aspen Group was only thwarted in its bid when FDC Construction Group CEO Ben Cottle built a blocking stake in Eureka Group.
In November last year, Aspen sold $33.6 million worth of Eureka Group shares and on Monday, the group revealed it had sold its remaining 13% stake in Eureka, again to pay down debt.
In addition, last Friday (16 May) Aspen announced it had completed an institutional placement of $70.8 million through the issue of 24.2 million of new shares at $2.90 each. Aspen shares traded at $3.29 yesterday lunchtime.
"Proceeds will be used for debt reduction, to strengthen Aspen's position to pursue new organic and acquisition possibilities that add value and drive continued strong growth in earnings and net asset value," said a statement by Joint CEOs John Carter and David Dixon.
Aspen is also offering a Security Purchase Plan to existing shareholders.
