Mercer sells 130.8M shares to fund acquisition, one-third sold to managers

Thu, 08 Dec 2016

By Sophie Boot Dec. 9 (BusinessDesk) - Mercer Group, the unprofitable stainless steel fabricator, has issued 130.8 million new shares at 1 cent each to fund its purchase of the assets and business of Hastings-based Haden & Custance. In November, it announced the conditional $2.25 million deal, which adds a robotics system used to prepare bulk products such as cheese and butter for processing, and offices in Melbourne, Australia, and Wisconsin in the US. Christchurch-based Mercer raised $7 million through an underwritten rights issue th...

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