The ASX-listed affordable accommodation provider announced a Security Purchase Plan (SPP) on Wednesday, 28 May, offering existing investors the opportunity to acquire up to $30,000 in Aspen Group securities without incurring broker fees, commissions, or other transaction costs as it sought to raise $4 million.
Aspen Group, which has 10 active projects, said the SPP closed on 10 June, with 1.38 million new securities to be issued at the purchase price of $2.90 per new security.
"The SPP was strongly supported with approximately $18 million of demand," the board of Aspen announced to the ASX on 12 June.
The plan received strong demand, leading to a scale-back in allocations to ensure equitable distribution among security holders. The new securities will be issued on June 17, 2025, and will commence trading the following day, ranking equally with existing securities and eligible for the upcoming distribution.
This follows an institutional placement, also at $2.90, which successfully raised $70.18 million.
Aspen Group’s lifestyle communities offer homes at approximately 30% below the national median house price, with weekly land lease costs under $200 – significantly below the $254 Commonwealth Rent Assistance cap for age pensioner couples.
