INDEPENDENT NEWS

New Zealand King Salmon Lists on NZX & ASX

Published: Wed 19 Oct 2016 12:22 PM
New Zealand King Salmon Lists on NZX & ASX
Aquaculture – a “healthy” portfolio ingredient
Salmon is on the menu at both the NZX Main Board (NZX) and the ASX with the listing today (19 October) of the world’s largest aquaculture producer of King salmon.
The initial public offer (“IPO”) for Nelson / Marlborough-based New Zealand King Salmon was for 69.2 million ordinary shares, quoted under the ticker NZK.
With the government supporting well-planned and sustainable aquaculture growth, New Zealand King Salmon sought $30.0 million in new capital to repay debt, and to fund future investment and working capital.
As a result of the fully subscribed IPO, and based on the $1.12 price per share, the company’s market capitalisation is $154.5 million, excluding certain shares offered under an employee share ownership plan.
New Zealand King Salmon Chairman John Ryder says salmon represents a “healthy” ingredient to any investment portfolio.
“The planet’s resources need careful management, at the same time as the world’s growing population is crying out for increased nutritious food production. Farmed salmon in particular represents an efficient and sustainable way of meeting those needs.
“The New Zealand King Salmon IPO has provided us with a strong platform for investing in aquaculture growth, something the New Zealand government strongly supports with a goal of increasing revenue from the aquaculture industry to more than NZ$1 billion by 2025*.
“Now all New Zealanders can invest in and share in this growth and prosperity,” Mr Ryder says.
Shareholding
As part of the IPO, existing investor Direct Capital has sold $45.0 million of shares and major shareholder Oregon Group has reduced its shareholding to approximately 40 per cent. Other existing minority shareholders have sold approximately $1.5 million of shares in aggregate.
John Ryder says it is extremely pleasing New Zealand investors have demonstrated strong support for the IPO.
Shares were allocated to institutions in New Zealand, Australia and Hong Kong, local Marlborough and Nelson Bays iwi, as well as a number of brokers on behalf of their New Zealand resident clients.
In a strong show of community support for the company, the Priority Offer of $1.5 million of shares to eligible residents in the Marlborough and Nelson Bays regions was fully subscribed,” Mr Ryder says.
“New Zealand King Salmon is also proud to have sovereign, ethical and iwi investors on its register.”
The joint lead managers of the IPO were First NZ Capital Securities Limited and Macquarie Capital (New Zealand) Limited (acting through its affiliates).
* http://www.fish.govt.nz/en-nz/Commercial/Aquaculture/default.htm
ends

Next in Business, Science, and Tech

Contact delivers for customers, employees and shareholders
By: Contact Energy
OceanaGold Announces Receipt Of WKP Mining Permit
By: OceanaGold
COVID-19 lockdown has widespread effects on labour market
By: Statistics New Zealand
New Research By NZ Post Shows Online Shopping Grew 105% In Alert Level 3
By: New Zealand Post
Westpac NZ Lowers Merchant Fees For Small Businesses
By: Westpac New Zealand
Million Dollar Plus Property Sales Increase 11.7% Nationally, Says REINZ
By: REINZ
Ice-olation For Antarctica New Zealand
By: Antarctica New Zealand
July House Price Index illustrates market resilience
By: QV Valuations
Queenstown Rents Experience Biggest Drop In Seven Years
By: Trade Me Property
The Quiet Earth
By: Auckland University
James Shaw says Kiwibank, not ministers should decide on investors
By: RNZ
Kiwis Confident Financial Markets Will Recover From COVID-19, Plan To Increase Investments
By: Financial Markets Authority
Warehouse Using Covid For Cover As Extensive Restructure Makes Everyone Worse Off
By: FIRST Union
Stronger Green Voice Needed Next Term To Stop More Mining On Or Under Conservation Land
By: Green Party
Unemployment Figures Don’t Tell The Full Story
By: New Zealand National Party
View as: DESKTOP | MOBILE © Scoop Media