New Zealand Rural Land Company Limited (NZX.NZL) has announced a Pro Rata Accelerated Renounceable Entitlement Offer to raise approximately $20.38 million.

The Offer will fund the acquisition of Argyle Downs and Greenhill dairy farms across Canterbury, Central Otago and Southland, increasing NZL's portfolio to 11,710 hectares.

All eligible shareholders will have the opportunity to purchase 1 new share for every 5 existing shares at a price of NZ $1.05, which reflects a 6.3% discount to the last close, a 5.3% discount to the theoretical ex-rights price and a 22.8% discount to the NAV per share.

The Institutional Entitlement Offer has been accelerated and will be conducted today, with confirmations due by 5:00pm (NZ Time) on Wednesday, 8 June 2022.

The Retail Entitlement Offer will open on Monday, 13 June 2022 and eligible retail shareholders will have until 5:00pm (NZ Time) on Thursday, 23 June 2022 to subscribe for New Shares.

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