Ryman belatedly addresses debt with $902m capital raising

With high-rise villages, entire buildings have to be completed before Ryman can start selling the units. (Image: Ryman)

Wed, 15 Feb 2023

Ryman Healthcare has now thoroughly broken its self-imposed taboo on asking shareholders for more capital with its decision to raise $902 million through a rights issue.The company will sell 180.5 million new shares, increasing the shares on issue by more than a third, with investors entitled to buy one new share for every 2.81 shares held, priced at $5 per share, a 21.9% discount to Tuesday’s close at $6.40.The accelerated pro-rated entitlement offer will reduce Ryman’s pro-forma gearing from 45.3% to 33.9%.“Importantly, the...

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