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


Nuplex announces a placement to raise NZ$56.6mn

20 October, 2004
Media Statement

Nuplex announces a placement to raise NZ$56.6 million

Nuplex Industries Limited is pleased to announce it has raised NZ$56.6 million through a placement of 11.55 million ordinary shares at a price of NZ$4.90 each to institutional investors, following a bookbuild managed by UBS.

The trading halt that has been in place for the last two days will be lifted at 10.00am (NZ time).

The proceeds of the placement will be used to partially fund the acquisition of the Coatings Resins business of Akzo Nobel N.V., which Nuplex has made an offer to acquire for approximately €110 million (NZ$202 million).

7.7 million ordinary shares have been placed unconditionally raising approximately NZ$37.7 million. In addition, due to strong demand, UBS has requested and Nuplex has agreed to make a further placement of 3.85 million shares (“Additional Shares”) to raise a further NZ$18.9 million. The placement of the Additional Shares is subject to shareholders approving the adoption of a new constitution for Nuplex at the Annual General Meeting on Friday, 29 October 2004.

The placement, including the Additional Shares, represents approximately 15% of Nuplex’s issued capital (including capital notes) and was made at a discount of 3.5% to the closing share price of Nuplex on 15 October 2004.

Mr John Hirst, Managing Director of Nuplex commented, “We are delighted by the very strong response from new and existing shareholders in Australia and New Zealand and their support for the company’s strategy to expand the business. The strength of demand enabled the upsizing of the placement to conditionally raise an additional 5% of issued capital. We will now focus on completing the outstanding conditions relating to the acquisition, including Nuplex shareholder approval. A special meeting of shareholders will be convened as soon as possible to inform them of the proposal and enable them to vote on the resolutions.”

In addition, Nuplex will look to undertake a rights issue, dividend reinvestment plan issue or a share purchase plan enabling all New Zealand and Australian shareholders to participate in the raising of the balance of the NZ$65 million equity funding for the acquisition. Further details regarding this raising will be made available in due course after completion of the acquisition.


© Scoop Media

Business Headlines | Sci-Tech Headlines


Westpac: Sets Out Plan To Go Cheque-Free

Westpac NZ has announced details of its plan to phase out cheques, after signalling in May that it would be supporting a move to other forms of payment. Cheques will cease to be available as a means of payment after 25 June 2021. Westpac NZ General ... More>>


NZTA: Major New Zealand Upgrade Programme Projects Go To Tender

Two major New Zealand Upgrade Programme projects are beginning tenders for construction. The New Zealand Upgrade Programme is a $6.8 billion investment to get our cities moving, to save lives and boost productivity in growth areas. The first Auckland ... More>>

Reserve Bank: RBNZ Seeks To Preserve Benefits Of Cash

The Reserve Bank – Te Pūtea Matua is taking on a new role of steward of the cash system “to preserve the benefits of cash for all who need them”, Assistant Governor Christian Hawkesby told the Royal Numismatics Society of New Zealand annual conference ... More>>


Economy: Double-Dip Recession Next Year, But Housing Rolls On

New Zealand's economy is expected to slip back into recession early next year as delayed job losses, falling consumer spending, and the absence of international tourists bites into growth. More>>


Microsoft New Zealand: Microsoft Expands “Highway To A Hundred Unicorns” Initiative To Support Startups In Asia Pacific

New Zealand, 14 October 2020 – Today Microsoft for Startups launches the Highway to a Hundred Unicorns initiative in Asia Pacific to strengthen the region’s startup ecosystem. This follows the initiative’s success in India, where 56 startups were ... More>>

Fonterra: Farmers Taking Another Step Towards New Zealand’s Low Emissions Food Production

They’re hot off the press and intended to help take the heat out of climate change. Fonterra farmers are already among the world’s most sustainable producers of milk and now have an additional tool in their sustainability toolbox. Over the last few ... More>>


Courts: Businessman Eric Watson Sentenced To A Four-Month Jail Term

New Zealand businessman Eric Watson has been sentenced to a four-month jail term in the UK for contempt of court, TVNZ reports. More>>

OECD: Area Employment Rate Falls By 4.0 Percentage Points, To 64.6% In Second Quarter Of 2020

The OECD area employment rate – the share of the working-age population with jobs – fell by 4.0 percentage points, to 64.6%, in the second quarter of 2020, its lowest level since the fourth quarter of 2010. Across the OECD area, 560 million persons ... More>>

Spark: Turns On 5G In Auckland And Offers A Glimpse Into The Future Of Smart Cities

Spark turned on 5G in downtown Auckland today and has partnered with Auckland Transport (AT) to showcase some of the latest in IoT (Internet of Things) technology and demonstrate what the future could look like for Auckland’s CBD with the power of 5G. 5G is ... More>>

Stats NZ: Monthly Migration Remains Low

Since the border closed in late-March 2020, net migration has averaged about 300 a month, Stats NZ said today. In the five months from April to August 2020, overall net migration was provisionally estimated at 1,700. This was made up of a net gain ... More>>

University of Canterbury: Proglacial Lakes Are Accelerating Glacier Ice Loss

Lake Tasman, New Zealand | 2016 | Photo: Dr Jenna Sutherland Meltwater lakes that form at glacier margins cause ice to recede much further and faster compared to glaciers that terminate on land, according to a new study. But the effects of these glacial ... More>>


Dairy: Fonterra Sells China Farms

Fonterra has agreed to sell its China farms for a total of $555 million (RMB 2.5 billion*1), after successfully developing the farms alongside local partners. Inner Mongolia Natural Dairy Co., Ltd, a subsidiary of China Youran Dairy Group Limited ... More>>