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

 

Nuplex announces a placement to raise NZ$56.6mn

20 October, 2004
Media Statement

Nuplex announces a placement to raise NZ$56.6 million

Nuplex Industries Limited is pleased to announce it has raised NZ$56.6 million through a placement of 11.55 million ordinary shares at a price of NZ$4.90 each to institutional investors, following a bookbuild managed by UBS.

The trading halt that has been in place for the last two days will be lifted at 10.00am (NZ time).

The proceeds of the placement will be used to partially fund the acquisition of the Coatings Resins business of Akzo Nobel N.V., which Nuplex has made an offer to acquire for approximately €110 million (NZ$202 million).

7.7 million ordinary shares have been placed unconditionally raising approximately NZ$37.7 million. In addition, due to strong demand, UBS has requested and Nuplex has agreed to make a further placement of 3.85 million shares (“Additional Shares”) to raise a further NZ$18.9 million. The placement of the Additional Shares is subject to shareholders approving the adoption of a new constitution for Nuplex at the Annual General Meeting on Friday, 29 October 2004.

The placement, including the Additional Shares, represents approximately 15% of Nuplex’s issued capital (including capital notes) and was made at a discount of 3.5% to the closing share price of Nuplex on 15 October 2004.

Mr John Hirst, Managing Director of Nuplex commented, “We are delighted by the very strong response from new and existing shareholders in Australia and New Zealand and their support for the company’s strategy to expand the business. The strength of demand enabled the upsizing of the placement to conditionally raise an additional 5% of issued capital. We will now focus on completing the outstanding conditions relating to the acquisition, including Nuplex shareholder approval. A special meeting of shareholders will be convened as soon as possible to inform them of the proposal and enable them to vote on the resolutions.”

In addition, Nuplex will look to undertake a rights issue, dividend reinvestment plan issue or a share purchase plan enabling all New Zealand and Australian shareholders to participate in the raising of the balance of the NZ$65 million equity funding for the acquisition. Further details regarding this raising will be made available in due course after completion of the acquisition.

ENDS

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Voluntary Administration: Renaissance Brewing Up For Sale

Renaissance Brewing, the first local company to raise capital through equity crowdfunding, is up for sale after cash flow woes and product management issues led to the appointment of voluntary administrators. More>>

Elsewhere:

Approval: Northern Corridor Decision Released

The approval gives the green light to construction of the last link of Auckland’s Western Ring Route, providing an alternative route from South Auckland to the North Shore. More>>

ALSO:

Media Mega Merger: Full Steam Ahead For Appeal

New Zealand's two largest news publishers have confirmed they are committed to pursuing their appeal against the Commerce Commission's rejection of the proposal to merge their operations. More>>

Crown Accounts: $4.1 Billion Surplus

The New Zealand Government has achieved its third fiscal surplus in a row with the Crown accounts for the year ended 30 June 2017 showing an OBEGAL surplus of $4.1 billion, $2.2 billion stronger than last year, Finance Minister Steven Joyce says. More>>

ALSO:

Mycoplasma Bovis: One New Property Tests Positive

The newly identified property... was already under a Restricted Place notice under the Biosecurity Act. More>>

Accounting Scandal: Suspension Of Fuji Xerox From All-Of-Government Contract

General Manager of New Zealand Government Procurement John Ivil says, “FXNZ has been formally suspended from the Print Technology and Associated Services (PTAS) contract and terminated from the Office Supplies contract.” More>>