New Warrant Issue for Barramundi Limited
27 April 2022
New Warrant Issue for Barramundi
The directors of Barramundi Limited (Barramundi) are pleased to announce that the company will undertake a pro rata offer of warrants to shareholders.
The purpose of the offer is to raise capital as part of Barramundi’s ongoing capital management programme and provide investors the ability to purchase additional shares in Barramundi at a pre-determined Exercise Price. The offer also aims to increase the size of the portfolio and improve operational efficiency. The net proceeds of the offer are expected to be used for further investment in the Barramundi portfolio.
On the record date, Barramundi shareholders will be issued one warrant for every four shares held. The record date for the issue is 13 May 2022 and the warrants are expected to be allotted on 16 May 2022.
Each warrant gives shareholders the right, but not the obligation, to subscribe for one additional ordinary share in Barramundi on the exercise date. The exercise date is 26 May 2023.
The exercise price will be $0.89 less any dividends declared with a record date during the period commencing on the date of allotment of the warrants and up to the announcement of the final exercise price. The final exercise price will be calculated and advised to warrant holders at least six weeks before the exercise date.
The warrants are expected to be quoted on the NZX Main Board from 17 May 2022 under the issuer code BRMWG.