NZX retail rights issue shortfall was 66%

NZX chair James Miller has said NZX insisted on a pro-rata form of capital raising. (Image: supplied)

Tue, 15 Mar 2022

The shortfall in the retail part of the NZX share offer was near 66% and about 13.2 million rights not taken up are being auctioned today, according to a note Craigs Investment Partners sent to institutional clients.Craigs was joint lead manager of the $44 million capital raising with UBS New Zealand, which has also underwritten the issue.The shortfall won't come as any surprise since NZX shares closed on Monday at $1.38 compared with the $1.42 per share exercise price of the rights.The dividend-adjusted share price on Feb 16, the day befor...

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