Precinct seeks up to $70 mln in placement, share purchase plan to repay debt, fund growth

Mon, 02 Sep 2013

By Paul McBeth Sept. 3 (BusinessDesk) - Precinct Properties, formerly known as AMP NZ Office, wants to raise up to $70 million through an underwritten placement and share purchase plan to repay bank debt and give it headroom to fund growth. The Auckland-based company will raise $50 million at $1 a share, a 4.3 percent discount to the current trading price, in a placement to institutional investors, underwritten by Macquarie Securities (NZ), it said in a statement. The property investor will raise $10 million through a share purchase plan at...

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