Opinion

NZ King Salmon's advisers' salute to NZX

Jenny Ruth
Mon, 25 Apr 2022

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

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