Completion of Institutional Component of Equity Raise

Channel Infrastructure NZ Limited (Channel Infrastructure) (NZX:CHI) advises that it has successfully completed the Institutional Entitlement Offer component and the Institutional Bookbuild component (together, the Institutional Offer) of its 1 for 12.12 underwritten pro rata accelerated renounceable entitlement offer (Offer) announced on Monday, 25 November 2024.

The Institutional Entitlement Offer closed at 6.00pm (NZ time) on Monday, 25 November 2024. The Institutional Bookbuild opened at 10.00am and closed at 12.00pm (NZ time) on Tuesday, 26 November 2024. Eligible institutional shareholders took up 99.7% of their entitlements and, combined with clearing the Institutional Bookbuild, have raised gross proceeds of $22.5 million, representing approximately 14.0 million new shares.

The Institutional Bookbuild of 0.2 million new shares achieved a clearing price of $1.78 per share representing a premium of $0.18 per share, 11.3% over the offer price. This premium means that institutional shareholders who were not eligible to participate or did not take up their full entitlements receive a return of $0.18 per share (net of any applicable withholding tax) on their entitlements.

Channel Infrastructure Chief Executive Officer Rob Buchanan commented:

“We are extremely pleased with the success of the Institutional Offer, and the strong support shown by existing shareholders with very high take up at 99.7%. The Institutional Bookbuild was also very successful, clearing at 0.8% above the Theoretical Ex Rights Price of $1.77 per share. The equity raise will enable funding of our growth initiatives whilst ensuring we remain committed to our capital management framework. We thank our shareholders for the confidence they have shown in our Company.”

Channel Infrastructure’s shares are expected to resume normal trading on the NZX today on an ex-entitlement basis.

New shares issued under the Institutional Offer are expected to be allotted and commence trading on the NZX on Tuesday, 3 December 2024.

The Offer is underwritten by Forsyth Barr Group Limited.

Institutional Entitlement Offer and Institutional Bookbuild

- Trading halt lifted: Tuesday, 26 November 2024
- Settlement of Institutional Entitlement Offer and Institutional Bookbuild, allotment of new shares under the Institutional Entitlement Offer and the Institutional Bookbuild and trading commences on the NZX: Tuesday, 3 December 2024

Retail Entitlement Offer and Retail Bookbuild

- Record date: 5.00pm (NZ time), Tuesday, 26 November 2024
- Retail Entitlement Offer opens: 10.00am (NZ time), Thursday, 28 November 2024
- Retail Entitlement Offer closes: 5.00pm (NZ time), Monday, 9 December 2024
- Trading halt commences (for Retail Bookbuild): Wednesday, 11 December 2024
- Retail Bookbuild opens: 10.00am (NZ time), Wednesday, 11 December 2024
- Retail Bookbuild closes: 3.00pm (NZ time), Wednesday, 11 December 2024
- Trading halt lifted: Thursday, 12 December 2024
- Settlement of Retail Entitlement Offer and Retail Bookbuild, allotment of new shares under the Retail Entitlement Offer and the Retail Bookbuild and trading commences on the NZX: Monday, 16 December 2024

These dates are subject to change and are indicative only. Channel Infrastructure reserves the right to alter the key dates, subject to applicable laws and the NZX Listing Rules. Channel Infrastructure reserves the right to withdraw the Offer at any time prior to the issue of the shares under the Offer at its absolute discretion.

Shareholders are encouraged to read the Offer Document and seek advice from a suitably qualified professional adviser before investing in new shares. Shareholders who have questions regarding such an investment should raise those questions with their professional adviser.

If you have any questions about the Offer, please visit the Offer website at www.shareoffer.co.nz/channel or call the Channel Infrastructure Investor Information Line on 0800 650 034 (toll free within New Zealand) from 8.30am to 5.00pm Monday to Friday (excluding public holidays).

-ENDS-

Authorised by:

Chris Bougen
General Counsel and Company Secretary

Contact details:

Investor Relations contact:
Anna Bonney
[email protected]

Media contact:
Laura Malcolm
[email protected]

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Announcement PDF