Ryman completes Retail Bookbuild, raising $902 million

NOT FOR DISTRIBUTION OR RELEASE IN THE UNITED STATES


10 March 2023

Ryman completes Retail Bookbuild, raising $902 million

Ryman is pleased to announce the successful completion of the shortfall bookbuild of its Retail Entitlement Offer (Retail Bookbuild). The completion of the Retail Bookbuild concludes the final stage of Ryman’s underwritten 1 for 2.81 accelerated pro rata entitlement offer of new ordinary shares (the Offer) under which Ryman has raised $902 million.

Summary of the Retail Bookbuild

Approximately 25 million New Shares, representing entitlements not taken up by eligible retail shareholders and entitlements of ineligible retail shareholders in the Retail Entitlement Offer, were offered for sale in the Retail Bookbuild.

The Retail Bookbuild was well supported, clearing at a price of $5.25 per New Share (Bookbuild Price), which represents a premium of $0.25 (Premium) above the offer price of $5.00 per New Share.

Additional Shares applied for by eligible retail shareholders in the Retail Entitlement Offer will be allocated in full to those shareholders at the Bookbuild Price. Scaling has been applied to institutional and broker bids in accordance with the terms set out in the Offer Document dated 15 February 2023.

CEO Richard Umbers said, “We are very pleased with the level of support received across both the retail and institutional components of our equity raising and to be able to return a premium to shareholders who did not or could not participate. Proceeds from the equity raising enable Ryman to be well positioned to execute its growth framework and maintain the high standard of care it is known for”

 
Payment of Premium

Eligible retail shareholders who elected not to take up their entitlements and ineligible retail shareholders will receive the Premium (less any applicable withholding tax) for each New Share sold in the Retail Bookbuild.

The Retail Premium is expected to be paid to those retail shareholders on or about Tuesday, 14 March 2023.

Allotment of New Shares

The settlement date for New Shares to be issued under the Retail Entitlement Offer and the Retail Bookbuild is Tuesday, 14 March 2023. Those New Shares are also expected to be allotted and issued to commence trading on Tuesday, 14 March 2023.

All New Shares issued under the Retail Entitlement Offer and the Retail Bookbuild will rank equally with Ryman’s existing ordinary shares.

Repayment of tranche 1 of the USPP Notes

As disclosed in the investor presentation dated 15 February 2023, Ryman will repay the USPP Notes and associated costs in full using proceeds from the equity raise. The first tranche of USPP Notes and associated costs will be repaid today, with the remaining USPP Notes and associated costs expected to be repaid on or around Friday, 24 March 2023.


 
About Ryman:
Ryman Healthcare was founded in Christchurch in 1984 and owns and operates 45 retirement villages in New Zealand and Australia. Ryman villages are home to approximately 13,700 residents, and the company employs approximately 6,800 staff.

Contacts:

Investor queries:
Hayden Strickett, Head of Investor Relations, +64 27 303 1132 or [email protected]

Media queries:
Marsha Cadman, Chief Sales and Marketing Officer, +61 414 790 480 or [email protected]





Important Notice
This communication is not for distribution or release in the United States. This communication does not constitute an offer to sell, or the solicitation of an offer to buy, any securities in the United States. The entitlements and the New Shares have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (U.S. Securities Act), or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold, directly or indirectly, in the United States or to any person acting for the account or benefit of any person in the United States (to the extent such person is acting for the account or benefit of a person in the United States).

---

Announcement PDF