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

 

Housing: Affordability Drops 14%, Driven By Auckland Prices

Housing affordability across New Zealand fell 14 percent in the year ending November 2014, with Auckland’s lack of affordability set to reach levels it hit during the height of the global financial crisis, according to the latest Massey University Home Affordability Report More>>

ALSO:

The Dry: Fonterra Drops Forecast Milk Volumes By 3.3 Percent

Fonterra Cooperative Group, the worlds largest dairy exporter, reduced its milk volume forecast for the 2014-2015 season by 3.3 per cent due to the impact of dry weather on production in recent weeks. More>>

ALSO:

Strike: Lyttelton Port Workers Vote To Escalate Dispute

Members of the Rail and Maritime Transport Union (RMTU) at Lyttelton Port today voted to escalate their industrial action. Around 200 RMTU members have been operating an overtime ban since 17 December and today they endorsed a series of full withdrawals of labour at the port. More>>

ALSO:

Scoop Business: NZ Dollar Falls To 3-Year Low As Investors Favour Greenback

The New Zealand dollar fell to its lowest in more than three years as investors sold euro and bought US dollars, weakening other currencies against the greenback. More>>

ALSO:

Scoop Business: NZ Govt Operating Deficit Smaller Than Expected

The New Zealand’s government’s operating deficit was smaller than expected in the first five months of the financial year as a clampdown on expenditure managed to offset a shortfall in the tax-take from last month’s forecast. More>>

ALSO:

0.8 Percent Annually:
NZ Inflation Falls Below RBNZ's Target

New Zealand's annual pace of inflation slowed to below the Reserve Bank's target band in the final three months of the year, giving governor Graeme Wheeler more room to keep the benchmark interest rate lower for longer.More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news