Paper Plus NZ undersubscribes $1m capital raise by 40%

Of Paper Plus's 90 members, 38 did not participate in the capital raise. (Image: Paul Taylor)

Wed, 18 Dec 2024

Paper Plus New Zealand has raised nearly $600,000 from its owner-operators but undersubscribed its target after issuing more than one million shares at $1 each.In July, Paper Plus NZ, which operates as a co-operative and acts as the retailer’s franchisor, turned to its members for capital after reporting a net loss of $553,000 in the 12 months to March 31. A document published on the Companies Office on Tuesday revealed that directors signed a resolution on Oct 18 to issue 1.03m shares and offer them to holders of A shares (members)...

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