Sharechat Logo

NZ Automotive Investments Limited (NZX: NZA) Proposed Sell Down by NZA Founder to Improve Liquidity

Friday 17th September 2021

Text too small?

NZ Automotive Investments Limited has been advised that an existing substantial shareholder is completing a sell-down through a bookbuild process through selected retail brokers.

A trading halt is required to facilitate an orderly market for NZA securities while the book build takes place.

The size of the sell-down is up to $5.0m which is expected to represent approximately 10% of the total market capitalisation of NZA. If the placement is fully subscribed, NZA’s free float will increase from ~8% to 20%.

The founder’s decision is aligned to and facilitates the business strategy of increasing liquidity and broader engagement in the stock.

The offer is being made while NZA’s shares are in a trading halt, which is expected to remain in place until the earlier of:

• An announcement about the completion of the bookbuild; or

• Close of trading on Friday, 17 September 2021.

If fully subscribed the founder will remain a substantial shareholder in the NZA owning 34% of shares on issue following the sell-down.

Please see the link below for details

Proposed share sell down by NZA founder

Source: NZ Automotive Investments 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:

Contact Energy Limited (NZX: CEN) Considers Green Capital Bond Offer
Tourism Holdings Limited (NZX: THL) Sells Mighway and SHAREaCAMPER to Camplify
26th October 2021 Morning Report
Harmoney Corp Limited (NZX: HMY) Prices $105m Inaugural ABS Transaction
New Zealand Rural Land Company Limited (NZX: NZL) Agreement to acquire large scale dairy asset portfolio
EROAD Limited (NZX: ERD) launches Clarity Solo Dashcam
22nd October 2021 Morning Report
Pictor ready to roll out game-changing COVID antibody test in New Zealand
Scott Technology Limited (NZX: SCT) Announces FY21 Results
21st October 2021 Morning Report