Arvida to raise $42 mln at 12% discount to help fund new village purchases

Mon, 19 Sep 2016

By Paul McBeth Sept. 20 (BusinessDesk) - Arvida Group plans to raise $41.8 million selling shares at a 12 percent discount to help fund the acquisition of three new retirement villages in Tauranga and the Waikato. The Auckland-based retirement village operator will sell shares at $1.05 apiece in a one-for-seven renounceable rights issue fully underwritten by Forsyth Barr to help fund a $66 million purchase of two villages in Tauranga and one in Cambridge, it said in a statement. That's a discount to the $1.19 price the shares last traded...

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