It may be 'intellectually cute', but I prefer pro-rata capital raising

Chapman Tripp partner Roger Wallis argues for shades of grey in raising capital. (Image: Chapman Tripp)

Mon, 14 Mar 2022

Chapman Tripp partner Roger Wallis has a long track record on advising companies on corporate and securities law and is more often that not advising participants in major deals.So, I was inclined to at least listen when he criticised my view that stock exchange operator NZX was setting a good example by using what I deem a much fairer method than usual of raising capital, the accelerated renounceable equity offer (areo) structure.Chapman Tripp's own analysis shows the most common form of equity raising since June 2020 has been a placement t...

Subscribe to BusinessDesk

Unlock access to all stories with this special annual deal for just $99. Sale ends Monday 25 November 2024 11.59pm.

Stay informed on business, government and financial developments across New Zealand.
Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Subscription renews at $349. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

The Quiz Free

QuiznessDesk: Monday, November 18

Can you answer all ten questions correctly?

The Quizmaster 9:15am

Policy

How not to cash in on a Trump-inspired exodus

We're still making it too hard for the skilled labour we need to come here.

Jem Traylen 5:00am

How not to cash in on a Trump-inspired exodus

Primary Sector

Autonomous tractor firm Smart Machine seeks $2.1m

Pernod Ricard already has a 25% stake.

Greg Hurrell 5:00am

Autonomous tractor firm Smart Machine seeks $2.1m

Sponsored

Culture strengthens Māori business

Collaboration and culture offer strength in turbulent times.

BDO

Sponsored

Why large format retail may be about to have a moment

LFR offers regular returns with strong tenants and long leases.

PMG

More Finance

Finance

RBNZ targeted for uncompetitive banking

Onerous regulation may be making banking uncompetitive, submitters argued.

Pattrick Smellie 14 Nov 2024

Finance

New PPP ‘blueprint’ launched

The Government is releasing a “refreshed blueprint” on the use of public-private partnerships to deliver infrastructure projects.Infrastructure Minister Chris Bishop said this followed extensive engagement by the Infrastructure Commission with Treasury, other public sector agenci...

Staff reporters 13 Nov 2024