NGC Rights Issue Succesfully Completed
NGC RIGHTS ISSUE SUCCESFULLY COMPLETED
Natural Gas Corporation Holdings Limited announced today the successful completion of its four for five pro rata renounceable rights offer, with applications received for 97.2 percent of the 315,502,931 new shares to be issued.
The Chairman, Mr Len Bleasel AM, said NGC's majority shareholder, The Australian Gas Light Company (AGL), had subscribed for its full entitlement to maintain its 71.6 percent shareholding and, with the remainder of the issue underwritten by J.B. Were & Sons (NZ) Limited, NGC would receive the full proceeds of the issue of approximately $366 million.
The proceeds will be used to repay bridging finance raised to part fund NGC's $824 million acquisition of the majority interests in TransAlta New Zealand Limited. That transaction, completed on 31 March, resulted in NGC taking a 75.8 percent interest in TransAlta.
Mr Bleasel said the Directors were very pleased with the support received from shareholders and that the level of applications indicated that both shareholders and other investors who purchased the rights on the open market shared the Board's belief in the strategic importance of the TransAlta initiative and its confidence for the future.
He noted that 7,666 of the 8,979 shareholders who received the offer had actioned their entitlements. Those who did not action their entitlement allowed their rights to lapse.
The offer opened on 3 April and closed at 5.00pm on 3 May.