NZL is amending its capital management policy and balance date to increase foreign ownership and shift annual result reporting.
The policy change includes the ability to undertake placements as well as pro-rata offers, with a new target gearing ratio of 40%.
The balance date is changing to 31 December, with annual results reported at the end of February each year.
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The deal is subject to regulatory approvals and commercial conditions.
Every sector of the Australian share market has lost ground.
The S&P/NZX 50 Index closed at the day’s low of 12,349.47, down 46.79 points or 0.38%.
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