Refining NZ gives another lesson in how to abuse retail shareholders

NZX chair James Miller also sits on Refining NZ's board. (Image: supplied)

Mon, 06 Dec 2021

As if New Zealand capital markets needed yet another lesson on how not to raise capital and how to treat retail shareholders unfairly, Refining NZ dished up another one last week with its $43.5 million capital raising.I feel like a voice crying in the wilderness: why is treating your shareholders fairly a foreign concept to so many of our listed companies?In this case, it's even worse than the run-of-the-mill unfairness because its $38.5m placement to institutions and $5m retail share purchase plan (SPP) got sign-off from director James Mil...

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