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

 

Royal Society: Review Finds Community Water Fluoridation Safe And Effective

A review of the scientific evidence for and against the efficacy and safety of fluoridation of public water supplies has found that the levels of fluoridation used in New Zealand create no health risks and provide protection against tooth decay. More>>

ALSO:

Scoop Business: Croxley Calls Time On NZ Production In Face Of Cheap Imports

Croxley Stationery, whose stationery brands include Olympic, Warwick and Collins, plans to cease manufacturing in New Zealand because it has struggled to compete with lower-cost imports in a market where the printed word is giving way to electronic communications. More>>

ALSO:

Prefu Roundup: Forecasts Revised, Surplus Intact

The National government heads into the election with its Budget surplus target broadly intact, delivering a set of economic and fiscal forecasts marginally revised from May to reflect weaker commodity prices and a lower tax take. More>>

ALSO:

Convention Centre: Major New SkyCity Hotel And Laneway For Auckland

Today SKYCITY Entertainment Group Limited revealed plans to build a new hotel and pedestrian laneway of bars, restaurants and boutique shopping on land it owns in the Nelson and Hobson Streets block, expanding the SKYCITY Entertainment Precinct. More>>

ALSO:

Igniting The Spark: Bringing The Digital Enabler To Life

Changing a name is, relatively speaking, the easy part of a re-invention. Changing a culture, getting all the ducks in a row, turning yourself inside-out to become customer-inspired is a much bigger challenge. More>>

ALSO:

Ebola And NZ: Targeted Screening At Airport But Risk Low

The risk of any cases of Ebola in New Zealand remains very low, but health and border authorities are well prepared... anyone arriving in New Zealand who in the last three weeks has visited countries affected will be screened for symptoms of the disease. More>>

ALSO:

Scoop Business: Brewer Seeking Crowd-Funding Cancels Shareholders’ Dividends

Shareholders in Renaissance Brewing company, the first business to seek equity through crowd-funding in New Zealand, have cancelled their claim on $147,000 of accumulated earnings “to make Renaissance a more attractive investment opportunity.” More>>

ALSO:

Get More From Scoop

 
 
Computer Power Plus

Standards New Zealand

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