Tuesday 25th May 2021
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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
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