Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search


Offer Closes Following Excellent Acceptance Rate

St Laurence Syndicate Offer Closes Following Excellent Acceptance Rate

Australasian investment group St Laurence today announced that it had achieved an average acceptance rate of 86% from its Syndicate investors in the St Laurence Property & Finance Ltd Convertible Property Notes offer. The Syndicate offer has now been closed.

Of the 89.5 million Property Notes offered at the effective value of $1 each, investors have accepted 77.5 million. This result exceeded St Laurence’s expectations and significantly increases St Laurence Property & Finance’s equity position.

“We are very pleased with the final acceptance rate from our Property Syndicate investors,” St Laurence Managing Director Kevin Podmore said.

“Our forward projections for St Laurence Property & Finance were based on issuing approximately 60 million notes under the syndicate and cash offer. The end result, with the Syndicate offer achieving an 86% acceptance rate and 77.5 million notes issued in total, puts us in a much stronger equity position than we had projected. This is an excellent outcome for our investors and for the company.”

The Syndicate offer results exclude the St Laurence 439 Syndicate, which during the course of the offer became subject to a purchase offer. That sale has now gone unconditional, and all St Laurence 439 Syndicate investors that accepted the Property & Finance offer were given the opportunity to withdraw their acceptances.

Along with the Syndicate offer, St Laurence Property & Finance offered 25 million Convertible Notes to the public. This component of the offer will remain open for the foreseeable future, providing St Laurence’s network of financial advisors and brokers with additional time to market the Notes to their clients.

St Laurence Property & Finance Manager John Mallon said: “We projected equity of about $42 million as at 31 March 2004. As a result of the higher than expected acceptance level, we have achieved in excess of $50 million of equity which gives us a strong balance sheet, especially in comparison to other finance companies.

St Laurence Property & Finance was established in April 2000 and undertakes a variety of lending services, property investment, securities investment, and underwriting services. The company directors are also considering listing the Notes on the New Zealand Exchange later in the year to provide investors with increased liquidity.

The Convertible Property Notes offer was the result of an extensive consultative process with investors, investment advisors and brokers and offered St Laurence Property Syndicate investors the choice to exit their Syndicate investments if desired.

“The support the offer received puts St Laurence Property & Finance in a well-funded and excellent equity position. This will enhance our ability to take advantage of investment opportunities that present themselves to the company and we are looking forward to a future of profitable growth and enhanced investor returns,” Mr Podmore said.

© Scoop Media

Business Headlines | Sci-Tech Headlines


Mycoplasma Bovis: More Properties Positive

One of the latest infected properties is in the Hastings district, the other three are within a farming enterprise in Winton. The suspect property is near Ashburton. More>>


Manawatū Gorge Alternative: More Work Needed To Choose Route

“We are currently working closely and in partnership with local councils and other stakeholders to make the right long-term decision. It’s vital we have strong support on the new route as it will represent a very significant long-term investment and it will need to serve the region and the country for decades to come.” More>>


RBNZ: Super Fund Chief To Be New Reserve Bank Governor

Adrian Orr has been appointed as Reserve Bank Governor effective from 27 March 2018, Finance Minister Grant Robertson says. More>>


ScoopPro: Helping PR Professionals Get More Out Of Scoop has been a fixture of New Zealand’s news and Public Relations infrastructure for over 18 years. However, without the financial assistance of those using Scoop in a professional context in key sectors such as Public Relations and media, Scoop will not be able to continue this service... More>>

Insurance: 2017 Worst Year On Record For Weather-Related Losses

The Insurance Council of New Zealand (ICNZ) announced today that 2017 has been the most expensive year on record for weather-related losses, with a total insured-losses value of more than $242 million. More>>