Duncan Cotterill advises New Zealand Rural Land Company on Pro Rata Rights Offer
New Zealand Rural Land Company Limited (NZX.NZL) has announced that it has successfully completed the institutional component of its 1 for 3 pro-rata accelerated renounceable entitlement offer of fully paid ordinary shares in NZL and issue of warrants (together, the Offer), as announced by the company on Wednesday, 1 March 2023.
A total of $10.486m was raised from existing institutional shareholders under the accelerated institutional entitlement offer. This represents strong support from existing institutional shareholders, with eligible institutional shareholders electing to take up 100% of their entitlements. Institutional shareholders have also applied for $4.535m of any potential shortfall from the retail component of the offer.
Duncan Cotterill corporate Partner Matt Yates led the team advising NZRLC on the Offer. He was supported by a core corporate team including Senior Associate Amy Douglas, Senior Solicitor Jess Kwon and Solicitor Katie Read.
The team managed the legal side of the entitlement offer, including assisting with the preparation of the offer documents, overseeing the due diligence and verification processes and liaising with the NZX.
Mr Yates says: “It’s great to support the New Zealand Rural Land Company with this entitlement offer, which will enable it to diversify its rural land offering with the acquisition of forestry land. We look forward to continuing to support New Zealand Rural Land Company during the retail offer and any shortfall placements.”