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

 

AFT Pharmaceuticals lists on the NZX Main Board and ASX

2pm NZT

AFT Pharmaceuticals lists on the NZX Main Board and ASX

Shares in AFT Pharmaceuticals Limited (“AFT”), began trading on the NZX Main Board and ASX today following the successful IPO that raised $35.6 million through the issue and sale of new and existing shares.

The shares in the growing multinational pharmaceutical business have been issued at $2.80 a share giving the company a market capitalisation of $271 million on listing.

CEO, Dr Hartley Atkinson says the offer has been well supported and the listing represents an excellent result.

“We welcome a number of institutional investors and members of public across New Zealand and Australia as shareholders, including a significant number of doctors, dentists and pharmacists.”

“We can now focus on our goals such as selling our existing products like Maxigesic to new international markets, and advancing our pipeline products like the SURF Nebuliser. The additional capital will enhance our ability to make the most of those identified opportunities.”

In connection with the successful IPO, AFT has also issued 100 shares (7,700 shares in total) to each employee (excluding executive directors) credited as fully paid up at an issue price of $2.80 per share, in consideration for their services as employees for the period through to 20 December 2015.

On listing, 11.23% of the shares in the company are held by 735Members of the Public whose names appear on the share register and who hold at least a Minimum Holding of shares (“Members of the Public” and “Minimum Holding” having the meanings given to them in the Listing Rules).

The Sole Lead Manager for the Offer was First NZ Capital.


ends

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Ground Rules: Government Moves To Protect Best Growing Land

“Continuing to grow food in the volumes and quality we have come to expect depends on the availability of land and the quality of the soil. Once productive land is built on, we can’t use it for food production, which is why we need to act now.” More>>

ALSO:

Royal Society: Calls For Overhaul Of Gene-Technology Regulations

An expert panel considering the implications of new technologies that allow much more controlled and precise ‘editing’ of genes, has concluded it’s time for an overhaul of the regulations and that there’s an urgent need for wide discussion and debate about gene editing... More>>

ALSO:

Retail: Card Spending Dips In July

Seasonally-adjusted electronic card spending dipped in July by 0.1 percent after being flat in June, according to Stats NZ. Economists had expected a 0.5 percent lift, according to the median in a Bloomberg poll. More>>

ALSO:

Product Stewardship: Govt Takes More Action To Reduce Waste

The Government is proposing a new way to deal with environmentally harmful products before they become waste, including plastic packing and bottles, as part of a wider plan to reduce the amount of rubbish ending up in landfills. More>>

ALSO:

Earnings Update: Fonterra Sees Up To $675m Loss On Writedowns

“While the Co-op’s FY19 underlying earnings range is within the current guidance of 10-15 cents per share, when you take into consideration these likely write-downs, we expect to make a reported loss of $590-675 million this year, which is a 37 to 42 cent loss per share." More>>

ALSO: