NZSA slams Heartland Bank's capital raising as unfair to retail shareholders

Wed, 22 Mar 2017

By Sophie Boot March 22 (BusinessDesk) - The New Zealand Shareholders Association has criticised Heartland Bank over a $40 million of capital completed this month after its discounted share purchase plan closed more than three times oversubscribed. The lender raised $20 million selling shares to existing investors at $1.46 apiece in March, and the offer was scaled back because it received applications for $62 million of shares. That added to $20 million it raised via a placement to institutional investors at the same price in December. ...

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