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

 


New Talisman rights underwriter picks up half the stock

New Talisman rights issue underwriter picks up half the stock after shortfall

Nov. 27 (BusinessDesk) - Shareholders of New Talisman Gold Mines applied for only 52 percent of shares on offer under its renounceable rights issue, leaving the underwriter to make up the balance.

New Talisman, formerly known as Heritage Gold NZ, had offered about 119.9 million shares at 1 Australian cent or 1.3 New Zealand cents apiece to raise up to A$1.2 million to develop the Talisman mine in New Zealand’s Hauraki District. The rights offer was one new share and an attached option for every three shares held.

The company got applications for 62.5 million shares from 379 of its 1,800 shareholders, leaving a shortfall of 57 million shares, it said in a statement to the NZX. Total funds raised from the rights issue, including the underwritten shortfall and before expenses was NZ$1.5 million. The offer was underwritten by Canaccord Genuity (Australia).

The capital raising follows a share purchase plan started in April that raised NZ$306,000.

New Talisman also owns 21.7 percent of Broken Hill Prospecting, which is planning to develop a cobalt project at Thackaringa near Australia’s Broken Hill.

The dual-listed shares last traded at 0.8 Australian cents on the ASX, valuing the company at about A$4.1 million, and have fallen by about a third this year. The NZX-listed stock was last at 1.1 cents and has dropped 46 percent this year.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Inequality: Top 10% Of Housholds Have Half Of Total Net Worth

The average New Zealand household was worth $289,000 in the year to June 2015, Statistics New Zealand said today. However wealth was not evenly distributed, with the top 10 percent accounting for around half of total wealth. In contrast, the bottom 40 percent held 3 percent of total wealth. More>>

ALSO:

What Winter? Temperature Records Set For June 20-22

The days around the winter soltice produced a number of notably warm tempertaures. More>>

Conservation Deal: New Kākāpō Recovery Partnership Welcomed

Conservation Minister Maggie Barry says the new kakapo recovery partnership between DOC and Meridian Energy is great news for efforts to save one of New Zealand’s most beloved birds. More>>

ALSO:

Tech Sector Report: Joyce Warns Asian Tech Investors View NZ As Hobbits And Food

Speaking in Wellington at the launch of a report showcasing the value of the technology sector to the New Zealand economy, Joyce said more had to be done to tell the country's technology stories overseas. More>>

ALSO:

Mediaglommeration: APN Gets OIO Approval For Demerger Plan

APN News & Media has received Overseas Investment Office approval for its plan to split out its NZME unit ahead of a potential merger with rival Fairfax Media's New Zealand operations. More>>

New Paper: Ninety-Day Trial Period Has No Impact On Firms' Hiring

The introduction of a 90-day trial period has had no impact on hiring by New Zealand companies although they are now in widespread use, according to researchers at Motu Economic and Public Policy Research. More>>

ALSO:

Corrections: Serco Exits Equity Stake, Remains As Operator

Serco has sold its equity stake in the company that holds the contract to design, build and run Wiri Prison in South Auckland but continues as sub-contractor to operate the facility. More>>

GDP: NZ Economy Grows Faster-Than-Forecast 0.7%

New Zealand's economy grew at a faster pace than expected in the first quarter of 2016 as construction expanded at the quickest rate in two years. The kiwi dollar jumped after the data was released. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news