Sharechat Logo

CORRECT: Kiwi Property retail investors take up half their entitlement offer

Wednesday 12th July 2017

Text too small?

(Fixes halted share price and movement in third paragraph)

Kiwi Property Group's retail investors took up half the shares available to them in their component of a planned $161 million capital raise, which the property investor wants to help fund expansion projects in Auckland. 

Auckland-based Kiwi Property raised $38 million in the retail component of its one-for-11 pro rata entitlement offer, representing about 50 percent of the 56 million shares available, it said in a statement. That adds to the $80 million raised from institutional investors last month who took up 94 percent of their entitlements. The offer was fully underwritten, and the remaining retail entitlements will be sold via a bookbuild today run by joint lead managers Goldman Sachs New Zealand and Forsyth Barr. 

The shares were sold at $1.36 apiece, a discount to the $1.43 trading price at the time of the announcement on June 19, and have gained to $1.385 since then. Trading in the shares has been halted to conduct the bookbuild. 

Kiwi Property wants to use the money raised to help fund expansion projects at its flagship Sylvia Park mall in Auckland, Northlands in Christchurch, The Base near Hamilton, and a longer-term development at Drury, south of Auckland. 

(BusinessDesk)

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

Arvida gets 87% uptake in $92 mln rights offer
NZ dollar weakens after US retail sales boost greenback
17th July 2019 Morning Report
Dairy product prices gain for first time in five auctions
MARKET CLOSE: NZ shares fall in listless trading; power companies gain
Gold Report 16th July 2019
NZ dollar rises after CPI meets expectations; US dollar weakens
Yili's Westland takeover gets OIO approval
Govt eyes 2025 for farm-level emissions pricing
Govt won't "die in a ditch" for 100% renewable target

IRG See IRG research reports