Wednesday 30th March 2016 |
Text too small? |
About three-quarters of Wynyard Group's shareholders took up their rights to buy deeply discounted shares in a $30 million capital raising that was topped up by a group of new and existing shareholders.
The Auckland-based company raised $22.5 million through the one-for-four renounceable rights offer at 85 cents a share, and a further $7.6 million through its subscription shortfall at the same price, it said in a statement.
The 35.3 million new shares are expected to be allotted and start trading tomorrow, representing almost 20 percent of the enlarged shares on issue.
The stock last traded at 89 cents, having tumbled from $1.50 before the discounted offer was announced. Wynyard had planned to raise new funds from overseas investors at a minimum price of $2 a share, but a slump in global equity markets at the start of the year saw those potential investors dial back their intentions.
The company needs extra funds to meet its working capital requirements by the end of March, having raised $42.6 million in 2015, when its net cash outflow was $32.7 million.
(BusinessDesk)
BusinessDesk.co.nz
No comments yet
POT Financial Results for the year to 30 June 2025
MOVE FY25 Results for the year ended 30 June 2025
BPG - Completion of Retail Offer
Comvita releases results for the year ended 30 June 2025
August 29th Morning Report
Air New Zealand announces 2025 financial result
August 28th Morning Report
VSL - 2025 date of Annual Meeting of shareholders
WIN - Winton announces FY25 Annual Results
Meridian Energy Limited 2025 Full Year Financial Results