Rakon successfully completes Share Purchase Plan

Published: Wed 21 Oct 2009 10:25 AM
Auckland: 21 October 2009:
Rakon successfully completes Share Purchase Plan
Rakon Limited has announced the successful close of its Share Purchase Plan (SPP). The SPP was offered as part of the NZ$65 million equity raising announced by Rakon on 22 September 2009. Under the SPP Rakon sought to raise NZ$20 million by offering eligible shareholders the opportunity to make an application for up to NZ$15,000 worth of Rakon shares.
Applications received totalled NZ$21.1 million and Rakon has determined that the small oversubscription will be accepted and that no scaling will be undertaken.
In accordance with the SPP conditions, shares will be issued at a price of $1.15 per share which is the same price as institutional shareholders paid under the Placement which was previously completed. It is expected the 18.3 million shares to be issued under the SPP will begin trading on 23 October 2009.
Brent Robinson, Rakon's Managing Director and CEO said "We are delighted that our shareholders have supported the equity raising. As I commented at the time of announcing the Placement & SPP, Rakon has substantial earnings growth opportunities in front of us. We now have the platform to swiftly proceed with planned investment into China to secure the opportunities and maximise returns for all shareholders."

Next in Business, Science, and Tech

Progressive Campaigning Organisation Slams Budget 2024 - A ‘Backwards Budget Of A Thousand Cuts’
By: ActionStation
Coalition Budget Tax Switch Will Hurt Most Vulnerable
By: Tax Justice Aotearoa
Roading Investment Welcomed Amid Tough Times For Industry
By: Ia Ara Aoteara Transporting New Zealand
Budget 2024 Rail Investment Supports Reliability And Value For Money
By: KiwiRail
A Responsible Budget For The Times
By: Business New Zealand
Flybuys To Bid Farewell To New Zealanders After Nearly Three Decades
By: Loyalty New Zealand
View as: DESKTOP | MOBILE © Scoop Media