Sharechat Logo

New Zealand Rural Land Company Limited (NZX: NZL) Announces a $44.3 Million Rights Offer

Tuesday 25th May 2021

Text too small?

New Zealand Rural Land Company Limited announces a capital raising of $44.3 million by way of a 2 for 3 pro-rata renounceable rights offer. The proceeds will be used to reduce debt and provide further cash for acquisitions as NZL looks to continue its growth as a landowner in the New Zealand rural sector.

This rights offer of approximately $44.3 million will allow eligible shareholders to subscribe for 2 additional shares for every 3 existing shares held on the record date at $1.10 per share. This represents a 8.64% discount to the 10 day VWAP of $1.2041.

The full terms and conditions of the rights issue will be contained in an offer document which will be distributed to all eligible shareholders (as defined in the offer document) after the proposed record date. Further details on the rights offer follow below.

As shareholders will be aware, NZL expects to acquire 15 dairy assets on 1 June 2021 for a total purchase price of $122.74 million. If there are delays in completing settlement there will likely be a corresponding delay to the rights offer timetable outlined below.

NZL intends to apply to NZX for quotation of the rights shortly. A corporate action notice accompanies this announcement.

Please see the links below for details

NZX Announcement

Cleansing Notice

Corporate Action Notice

Source: New Zealand Rural Land Company Limited

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZME celebrates significant digital subscription milestone
GSH - Acquisition of Viaduct venue
DGL - Delisting from the Main Board of NZX Limited
KPG Annual Meeting 2022 presentation and address
NZL - Completion of Retail Bookbuild
ArborGen Announces Board Change
Oceania announces $500m sustainability-linked loan
MFB - Nomination of Cecilia Robinson
29th June 2022 Morning Report
GSH Appointment of new Chairman