Hastie over first hurdle with capital raising HASTIE Group has passed the first hurdle in its recapitalisation, with the firm's battered institutional shareholders largely supporting its $160 million capital raising. As analysts backed the equity injection, Hastie yesterday said it had raised $83.6m from institutions through its 2.85-for-one renounceable entitlement offer and a conditional placement, priced at 14c a share. Hastie closed 15 per cent lower at 14c. In February, it traded at 92.5c, prior to an almost two-month suspension after aborting araising. Hastie said the "majority" of eligible institutional shareholders took up their entitlements, with several new institutions joining its register from a bookbuild of renunciations from investors who opted out. The next test will be winning support from its retail shareholders via a $69.2m entitlement offer to run from June 23 to July 7. The firm's advisers, Macquarie and UBS, will also underwrite the retail offer. Hastie's saviour, investment bank Lazard, will take an initial $7.2m of stock at 20c a share and could end up with 25 per cent of the firm. Royal Bank of Scotland analyst Julian Guido, who upgraded Hastie to a hold, said the company's success hinged on Lazard repeating its rescue of Chandler Macleod in 2008, when it took 20 per cent of the recruitment firm at 12.5c a share. Chandler yesterday closed at 43c.