Argosy Property to raise $87M in 1-for7 rights issue at 89 cents apiece

Mon, 01 Jul 2013

July 1 (BusinessDesk) – Argosy Property plans to raise about $87 million in a rights issue to repay bank debt used to acquire properties this year. The company plans to sell shares at 89 cents apiece in a one-for-seven renounceable offer, it said in a statement. The offer is underwritten by First NZ Capital. The property investor raised a similar amount in a placement in December, when it raised $80 million at 88 cents a share. It followed up with a share purchase plan at the same price in February, raising another $20 million. Recent purch...

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