Wednesday 8th June 2016 |
Text too small? |
Institutional investors have paid a small premium to mop up remaining SkyCity Entertainment Group shares that weren't taken up in the casino company's one-for-10, $263 million capital raising.
Retail shareholders took up about $49 million of the $85 million they were offered in the retail component of the offer at $4.40 a share, and the remaining $36 million was raised from institutions in a bookbuild at $4.66 a share, the Auckland-based company said in a statement. That's a smaller premium than for the institutional component of the sale, which was taken up at $4.85 apiece. The shares last traded at $4.62 on the NZX before being halted. The offer price was a 12.8 percent discount to the five-day volume weighted average price of $5.04 on May 10, ahead of the capital raising.
New Zealand's only listed casino company is raising the funds to enable it to keep debt in check and maintain its credit rating while funding expansion in Auckland and Adelaide, after ruling out asset sales, changing its dividend policy, or issuing hybrid debt.
The stock is rated 'hold' according to the average of six analyst recommendations compiled by Reuters.
BusinessDesk.co.nz
No comments yet
Heartland publishes Annual Report, Climate Report and NOM
SCL - Scales increases ownership of Australian Joint Ventures
Cooks Coffee Company Trading Update
September 30th Morning Report
Devon Funds Morning Note - 29 September 2025
Synlait confirms Bright Dairy vote received
SML - FY25 Results, North Island Assets Sale & Annual Meeting
September 29th Morning Report
HLG Full Year Results for the period ending 1 August 2025
TWR - Tower announces partnership with Westpac NZ