Sharechat Logo

Stride Property Ltd & Stride Investment Management Ltd (NZ: SPG) Placement Size Increased Following Strong Demand

Friday 26th November 2021

Text too small?

Stride Property Group (Stride) is pleased to announce that it has successfully raised $110 million through its underwritten placement of new stapled securities which forms part of the capital raising announced on 25 November 2021.

The placement received strong demand at the fixed price of $2.00 per stapled security, resulting in Stride increasing the size of the placement from $100 million to $110 million.

Tim Storey, Chair of Stride, said “The Board is very pleased with the strong support shown by our institutional shareholders and shareholders who are clients of wealth management firms, and are delighted to have been able to introduce new institutional shareholders to the register. The outcome of the placement shows support for Stride’s strategy of continuing to grow its real estate investment management business.”

Settlement and allotment of the new stapled securities issued under the placement is expected to occur on 1 December 2021.

Stride undertook the placement with the key objectives of treating all shareholders fairly and giving existing shareholders priority to obtain at least a pro rata allocation.

Goldman Sachs New Zealand Limited acted as sole lead manager, placement agent, bookrunner and underwriter of the placement.

Retail Offer opens on Monday

As announced on 25 November 2021, Stride is also undertaking a $20 million non-underwritten retail offer (with the ability to accept additional applications at Stride’s discretion). The offer document will be sent on 29 November 2021 to eligible retail shareholders as at the record date of 24 November 2021 with an address in New Zealand and will also be made available online at from 29 November 2021.

Record Date: 5.00pm NZT 24 November 2021

Retail Offer Opening Date: 29 November 2021

Offer Document and Application Form sent to eligible shareholders: 29 November 2021

Retail Offer Closing Date (last time for online applications): 10 December 2021, 5.00pm NZT

Results of Retail Offer and issue price announced: 15 December 2021

Allotment of new stapled securities under the Retail Offer and commencement of trading of new stapled securities on NZX: 16 December 2021

These dates are subject to change and are indicative only. Stride reserves the right to alter the key dates, subject to applicable laws and the NZX Listing Rules. Stride reserves the right to withdraw the retail offer at any time prior to the issue of the stapled securities under the retail offer at its absolute discretion.

Please see the link below for details

Stride Property Group - Placement Size Increased Following Strong Demand - 261121.pdf

Source: Stride Property Ltd & Stride Investment Management Ltd

  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:

FPH - Notification of Issue of Securities
Fletcher Building reports FY22 result, final dividend 22cps
NZA - Resignation of Auditor
August 17th Morning Report
CMC - Retirement and Appointment of Directors
Senior Leadership Team Changes
CHI - Half Year Results and Audio Conference Details
Mercury results reflect transformative year
PGW - Annual Results Announcement to 30 June 2022
August 16th Morning Report