Wynyard Group has this morning confirmed the successful completion of a targeted placement to raise NZ$30 million to position the company for continued future growth.
The placement was well received by a range of institutional and qualified investors in New Zealand, Australia and the United Kingdom with 11,111,111 shares to be issued at a price of $2.70 per share.
Settlement of the placement is expected to occur on 18 March 2014, with UBS New Zealand Limited acting as sole arranger and underwriter of the placement.
In addition to the institutional placement, Wynyard will also offer each eligible New Zealand registered shareholder the opportunity to subscribe for up to NZ$15,000 worth of shares through a NZ$5 million Share Purchase Plan (SPP).
All new shares issued by way of the placement and SPP will rank equally with existing Wynyard ordinary shares currently on issue.
The price of shares offered through the SPP will be the lower of $2.70, being the institutional placement price, or the average closing price of the five days prior to and including the closing date of the SPP.
Further details of the SPP are expected to be sent to shareholders in the coming month.