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

 


Hedge fund Libra Advisers buys 7.2% of Rubicon for $12 mln

US hedge fund Libra Advisers buys 7.2% of Rubicon for $12 million

Feb. 10 (BusinessDesk) - US hedge fund Libra Advisors will take a $12 million stake in Rubicon in a private placement to shore up the company's funding position and support its future commitments to forestry biotech firm ArborGen.

The New York-based investor will buy 29.3 million shares at 41.29 cents per share, the volume weighted average price over the last 10 trading days, Rubicon said in a statement. The deal will settle at the close of trading on Wednesday, giving Libra a 7.2 percent holding. The shares were unchanged at 40 cents, having dropped 4.8 percent on Friday, and have gained 5.6 percent this year.

"This is a very positive development for the company. Libra is a savvy investor, who clearly sees value in Rubicon moving forward," chairman David Kasnet said. "We are extremely pleased to have them coming onto our share register at this time, and we believe they will provide a supportive role in helping the Company achieve its key shareholder goals."

Rubicon holds a controlling 59 percent stake in wood mouldings maker Tenon and a 32 percent share of US-based seedlings biotech firm ArborGen.

Last August, it said it still plans to float ArborGen after an aborted initial public offer in 2011, though it has to weigh up the realisation of immediate value against what it could get in the future.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Bullish On China Shock: Slumping Equities, Commodities May Continue, But Not A GFC

The biggest selloff in stock markets in at least four years, slumping commodity prices and a surge in Wall Street's fear gauge don't mean the world economy is heading for another global financial crisis, fund managers say. More>>

ALSO:

Real Estate: Investors Driving Up Auckland Housing Risk - RBNZ

The growing presence of investors in Auckland's property market is increasing the risks, and is likely to both amplify the housing cycle and worsen the potential damage from a downturn both to the financial system and the broader economy, said Reserve Bank deputy governor Grant Spencer. More>>

ALSO:

Annual Record: Overseas Visitors Hit 3 Million Milestone

Visitor arrivals to New Zealand surpassed 3 million for the first time in the July 2015 year, Statistics New Zealand said today. The record-breaking 3,002,982 visitors this year was 7 percent higher than the July 2014 year. More>>

ALSO:

The Future: Thirty Year Infrastructure Plan Released

The Thirty Year New Zealand Infrastructure Plan 2015 sets out New Zealand’s response to the infrastructure challenges we will face over the next three decades, Finance Minister Bill English says. More>>

ALSO:

Shopping: Online GST Discussion Document

GST: Cross-border services, intangibles and goods contains proposals to require overseas suppliers to register and return GST when they sell services (including online products such as e-books, music and videos) to New Zealand consumers. It also outlines the way forward for improving the collection of GST on all goods, including low-value imported goods. More>>

ALSO:

Keith Rankin: Auckland Slowdown?

Has the Auckland housing market turned? I went to a neighbourhood auction yesterday. Solid large 1950s' house on 1,000 square metres of land, sunny section, view over city from front of house, handy to train and to the expanding New Lynn retail and commercial hub. More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news