Duncan Cotterill advises New Zealand Rural Land Company on Accelerated Renounceable Entitlement Offer

1 July 2022

NZX listed rural land investor New Zealand Rural Land Company (NZRLC) has closed an accelerated renounceable entitlement offer and raised $16.4 million to fund the acquisition of two South Island dairy assets. Craigs Investment Partners and Wilsons Corporate Finance were the joint lead managers to the offer.

Duncan Cotterill corporate partner Matt Yates led the transaction advising NZRLC. He was supported by Senior Associate Chris Thomas, solicitors Brooke Lynskey and Tom Fitall and solicitor Katie Read.

NZRLC was formed for the purpose of acquiring rural land across the New Zealand agricultural sector and leasing it to experienced farmers and food producers. NZRLC successfully completed an IPO at the end of 2020 and, throughout the course of 2021, acquired approximately $220 million of rural land. With these latest acquisitions, NZRLC now owns 11,700ha of rural land in the South Island making it one of New Zealand’s largest landowners.

Mr Yates commented that “it was a great outcome to complete this offer and the acquisitions in what are very trying market conditions. What NZRLC has managed to achieve in less than two years as a listed company is a real credit to the team at NZRLC”.