Sharechat Logo

Gentrack raises $52.4 million in discounted share offer to institutional investors

Monday 9th July 2018

Text too small?

Gentrack Group said it raised about $52.4 million in a discounted stock offer to institutional investors as part of a two-stage share sale aimed at raising funds to repay debt used for a recent flurry of acquisitions.

Total take-up under the institutional entitlement offer, which closed on Thursday, was 60 percent, Auckland-based Gentrack said in a statement. The institutional entitlement offer raised about $31.5 million, the company said.

The balance of the proceeds came through an institutional shortfall bookbuild, it said. That bookbuild, of 3.4 million entitlements, achieved a clearing price of $6.69 per share, a premium of 50 cents per share over the offer price of $6.19, and a discount of 19 cents per share to the theoretical ex-rights price of $6.88.

The shares fell 1.7 percent to $6.88 after the trading halt was lifted today. 

Gentrack also plans to sell shares to individual investors, with the offer opening on July 10. Eligible retail shareholders will have the opportunity to participate at the same offer price and offer ratio as the institutional entitlement offer, the company said. 

The $90 million capital raise is fully underwritten by Deutsche Craigs and UBS New Zealand.

(BusinessDesk)



  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
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:

SML - Synlait Milk Limited - Trading Halt of Securities
AIA - Auckland Airport announces board chair changes
AIA - Auckland Airport announces board chair changes
CEN - Tauhara commissioning progress update
FPH initiates voluntary limited recall
March 28th Morning Report
KFL Celebrates 20 Years of Excellence in Investment Mgmt.
SVR - Savor FY24 Earnings Guidance & Change in Banking Partner
NZK - NZ King Salmon Investments Limited FY24 Results
March 27th Morning Report