NZ Shareholders Association takes aim at Turners placement

Thu, 14 Sep 2017

By Paul McBeth Sept. 14 (BusinessDesk) - The New Zealand Shareholders' Association has Turners Automotive Group in its sights after the auto and finance firm raised funds through a placement to sophisticated and wealthy investors. The retail investor lobby group has been critical of those types placements, saying they unfairly dilute smaller shareholders, and that renounceable rights issues are preferable. Chief executive Michael Midgley said the NZSA will seek answers from the Turners board about its choice of process to raise $25 milli...

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