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Turners Automotive's $25 million placement fully subscribed

Turners Automotive's $25 million placement fully subscribed

By Paul McBeth

Sept. 14 (BusinessDesk) - Turners Automotive Group's $25 million placement was fully subscribed yesterday with the underwriter not called on to top up the discounted offer.

The Auckland-based company sold about 8.3 million shares at $3.02 apiece yesterday, which it says will go towards "strategic growth opportunities" including the continued expansion of its loan book and potential property and dealership acquisitions. The placement was fully underwritten by sole lead manager UBS New Zealand, but that facility wasn't called on, chief executive Todd Hunter said in an emailed statement.

The placement was also seen increasing Turners' free float, boosting liquidity and introducing new shareholders. The stock, which was dual-listed on the ASX in July, fell 4.7 percent to $3.20, still above the offer price.

"The management and Board are pleased to welcome new investors from New Zealand and Australia, and thank our existing shareholders who participated for their continued support as we pursue our next phase of growth," Hunter said.

Turners was formed through the merger of Dorchester Pacific, a survivor of last decade's finance company collapse, and Turners Auctions, adopting the Turners motif which had been around longer and had more name recognition.

Eligible Turners shareholders and convertible bondholders will get a chance to increase their holdings with a $5 million share purchase plan available at the same discounted price. The offer opens tomorrow and will close on Oct. 4.


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