Heartland raises $210m in successful offer

Heartland has successfully completed its retail entitlement offer and raised $210 million in equity.

The offer, which was part of a $105m underwritten accelerated non-renounceable entitlement offer, saw a strong take-up rate of approximately 81% by eligible retail shareholders.

They subscribed for around 64m new fully paid ordinary shares, generating gross proceeds of about $79m (including $14m of oversubscriptions).

The remaining 15m new shares not taken up have been allocated to the underwriter and/or sub-underwriters, including institutional investors.

Heartland's chief executive, Jeff Greenslade, said the offer met the company's key objectives of treating all eligible retail shareholders fairly and encouraging institutional participation.

The new shares are expected to commence trading on the NZX on April 26, and on the ASX on April 29.