NZ King Salmon's advisers' salute to NZX

NZ King Salmon's advisers found a loophole in NZX listing rules. (Image: VistaCreate)

Mon, 25 Apr 2022

New Zealand King Salmon's merchant banking and legal advisers are giving NZX and its rules a big fat middle finger with the design of the company's $60.1 million rights issue.They're also royally screwing any small retail shareholders who don't participate.Because the issue is 2.85 new shares for every one share held, their economic interest in the company will be a little more than a quarter of its original size.That injury is compounded by the brutal 82.6% discount that the new shares are being sold at, compared with where the...

Unlock all stories free for 10 days

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

We won’t charge for 10 days. You can cancel anytime with two clicks, an email or a phone call. Find out more.

We are serious about journalism.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].interval) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

You will be charged in 10 days unless you cancel beforehand.
We will remind you three times before charging you.
All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Markets Market close

NZ sharemarket continues decline

The S&P/NZX 50 Index closed at 11,836.04, down 39.31 points or 0.33%.

Graham Skellern 18 Apr 2024

Markets

UPDATE: NZX directors mauled in fee vote

Of shares voted on the re-election of NZX chair John McMahon, 27.62% were opposed.

Oliver Lewis and Pattrick Smellie 18 Apr 2024

UPDATE: NZX directors mauled in fee vote

Politics

NZ-Thai partnership ‘significant’ in scope

An Asia expert says deal between nations is significant because of its breadth.

Dileepa Fonseka 18 Apr 2024

NZ-Thai partnership ‘significant’ in scope

Sponsored

Auckland's new "Midtown" taking shape

5-star hybrid workspaces, combined with the City Rail Link, are creating a revitalised inner-city zone designed to motivate workers back to the office.

Alberts

Sponsored

Building confidence and capability is the key to boosting productivity

In the pack houses of Hawke’s Bay apple growers, smart cameras scan the apples looking for blemishes and grading the fruit to ensure only the best is selected for domestic and international markets.

ASB