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


Commerce Commission: Appeals Record $2.25m Fine In Vodafone FibreX Case

The Commerce Commission has filed an appeal in the High Court against a record $2.25 million fine imposed on Vodafone NZ Limited (Vodafone) for its offending under the Fair Trading Act during its FibreX advertising campaign. While the sentence imposed in the Auckland District Court on April 14 was the largest-ever fine under the Fair Trading Act, the Commission will argue that it is manifestly inadequate... More>>

All District Health Boards: Historic Pay Equity Settlement

An historic agreement has been ratified that addresses a long-standing undervaluation of a workforce that is critical to the smooth running of our hospitals and the delivery of healthcare... More>>

MPI: Dry Autumn In Waikato And South Auckland Leads To Drought Classification Drought conditions affecting the primary sector in the Waikato and South Auckland were today classified as a medium-scale adverse event, enabling a package of support for farmers and growers... More>>

Barfoot & Thompson: Rents Up By Around 3% In Most Areas

The average weekly rent paid for homes in most areas of Auckland has risen by around 3 percent year-on-year. The figures for end March from more than 16,000 properties... More>>

DoC: Smeagol The ‘Gravel Maggot’ Leaves Its Rare Mark On The Remote West Coast
An extremely rare species of sea slug or ‘gravel maggot’ has been detected for the first time on a remote beach in South Westland... More>>

Immigration: Annual Net Migration Loss Of 7,300

The provisional net loss of 7,300 people in the year ended March 2022 was the lowest net migration for a March year since 2012, Stats NZ said today... More>>