Wednesday 30th March 2016
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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.
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