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

 


Scales Corporation lists on the NZX Main Board

Media release trading – 1

July 25, 2014

Scales Corporation lists on the NZX Main Board

Shares in leading New Zealand agribusiness group Scales Corporation began trading on the NZX Main Board today following the successful IPO that raised $149 million through the sale of new and existing shares.

The stock in the horticulture, storage and logistics and food ingredients business was issued at $1.60 valuing Scales at $224 million.

Scales Corporation managing director Andy Borland says the issue has been well supported and the listing represents an excellent result for all concerned.

“We received very strong support from institutional investors and NZX Firms with demand significantly exceeding the size of the offer at the final offer price and we are very pleased with the shareholder spread.

“We welcome 12 domestic institutions, several global agriculture funds and retail clients from all of the major NZX broking firms as investors. We are particularly delighted that around half the offer has been subscribed to by retail investors – New Zealanders who see the value of a portfolio containing a strong, export-focused agribusiness.

“Scales now looks forward to achieving the goals set out when we began this journey, in particular the exciting prospects available to us through what is a fast-growing Asian sector.”

Direct Capital Investments Limited, together with its co-investors the New Zealand Superannuation Fund and ACC, has retained a cornerstone shareholding of 20 per cent in Scales following the listing.

The IPO comprised an offer of 93 million ordinary shares and raised $30 million of new capital which will provide Scales with flexibility for the future expansion of its business.

In its most recent annual result to 31 December 2013, Scales Corporation reported an after tax profit up by 50 per cent to $20.4 million.

Total revenue increased 17.2 per cent on 2012 to $278.1 million, with higher apple volumes and prices the single largest contributor while EBITDA was up by 34.4 per cent to $44.4 million.

Joint Lead Managers for the offer were First NZ Capital and Deutsche Craigs.

About Scales Corporation

Scales is an established agribusiness market leader with long standing customer relationships, efficient operating systems and an experienced management team. It comprises three operating divisions: Horticulture, Storage & Logistics and Food Ingredients. The company’s diverse spread of activities gives Scales broad exposure to New Zealand’s primary sector. Scales was founded in 1897 as a shipping business by George Herbert Scales. Today it employs more than 400 staff New Zealand wide. Find out more atwww.scalescorporation.co.nz


© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

OceanaGold: Man Killed In Waihi Mine Accident

A 29-year-old man had died following a work place accident at OceanaGold mine, Waihi last night. The man was killed after the front end loader he was in rolled down a slope. The accident happened at approximately 6.30pm on Thursday night. More>>

ALSO:

Constructing Consent: Annual Housing Consents Highest In Over A Decade

More than 29,000 new homes gained building consent in the year to June 2016, up 16 percent from the previous June year, Statistics New Zealand said today. More>>

ALSO:

War Against Weevil For Future Peas: “No Peas, No Weevil” Ban Now In Place In Wairarapa

The Ministry for Primary Industries (MPI) has today placed a ban on growing peas within a specified area and placed controls on moving pea material (seed and untreated pea straw) within, in and out of this area for the next 2 years. More>>

ALSO:

Wood Producers: Crisis In New Zealand Log Supply

New Zealand wood processing leaders held a hui with senior government officials and political leaders in Whangarei yesterday to assess the acute log supply shortage to local mills in Northland. More>>

Consents And Taxes: Trustpower 'Very Disappointed' With Judgement

Trustpower is "very disappointed" with a Supreme Court ruling dismissing its bid to claim tax deductions on $17.7 million of project costs in a case closely watched by large-scale infrastructure developers. More>>

ALSO:

Fruitful Endeavours: Kiwifruit Exports Reach Record Levels

In June 2016, kiwifruit exports rose $105 million (47 percent) from June 2015 to reach $331 million, Statistics New Zealand said today. Overall, goods exports rose $109 million (2.6 percent) in June 2016 (to $4.3 billion). More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news