Sharechat Logo

DNZ listing beats Unlisted price at 97 cents in $45 mln raising

Wednesday 11th August 2010

Text too small?

DNZ Property Fund will list at 97 cents on the NZX next Monday, beating its closing price on the Unlisted exchange.  

The property investor that brought its management contract in-house raised $45 million through a pro-rata share issue and bookbuild, with new investors making up more than 80% of the new funds. The company had predicted a range of between 80 cents and $1.05 for its NZX listing, and last traded at 90 cents on Unlisted.

“The level of interest and the price shows that there are very real benefits to moving to a NZSX listing by attracting new investors and this also clearly benefits our existing shareholders,” chairman Tim Storey said.

The listing and capital raising was approved last month by about 98% of existing investors and $35 million of the new capital will be used to buy the management contract owned by chief executive Paul Duffy and Alastair Hassell.

The float will be the second on the NZX this year after candlemaker Ecoya in May. DNZ aborted a listing last year after shareholder MMG Advisory rallied investors to block the bid, and forced a meeting that elected MMG’s David van Schaardenburg as a director. DNZ owns 55 properties worth some $671 million.

  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:

VCT - Operational performance for the year ended 30 June 2024
Challenge to banks the way to go
Bigger returns or lower risk?
NPH - Director Appointment
July 19th Morning Report
Wellington International Airport Ltd (“WIA040”) - Maturity
Devon Funds Morning Note - 18 July 2024
CNU - Commerce Commission releases draft Price Quality decision
Precinct FY24 Annual Results and Webcast Details
Scott Technology appoints new CEO