NZ Windfarms has announced the allotment of shares and provided an update on its underwriting arrangements.
In regards to the 1 for 8.5 rights issue, the company has issued 8,176,831 new shares, raising a total of $1.27 million.
These shares will be issued and begin trading on 28 November 2023.
Meridian Energy, the new major shareholder and partner in the joint venture to repower and extend the Te Rere Hau wind farm, has provided a partial underwrite of the rights issue.
As part of the underwriting agreement, Meridian will be issued an additional 24,450,777 new shares, which were not taken up under the rights offer.
This will amount to an extra capital sum of $3.79 million and will be settled on 1 December 2023.
After the shares are issued to Meridian on 1 December, the company will own 19.99% of NZ Windfarms' shares on issue.
