Kiwi Property shares halted for retail bookbuild

Thursday 11th June 2015

Kiwi Property Group, the country's biggest listed property investor, had its shares halted for the final leg of its one for nine entitlement offer to raise $151.9 million to help fund the Sylvia Park expansion and repay bank debt.

The Auckland based company said about $42 million had been raised in the retail entitlement offer component of its capital raising, leaving about 33 million of the 68 million shares available for the retail bookbuild, which opens at 10am and is expected to close at 1pm today. Credit Suisse (Australia) Limited and First NZ Capital Securities are the joint lead managers and are fully underwriting the offer.

The application price of the shares was $1.20, a discount to their most recent trading price of $1.255. The retail offer followed an institutional bookbuild last month that established a clearing price of $1.21. Up to 126.5 million shares were available in the full offer.

BusinessDesk.co.nz

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