INDEPENDENT NEWS

Turners Automotive's $25 million placement fully subscribed

Published: Thu 14 Sep 2017 07:41 PM
Turners Automotive's $25 million placement fully subscribed
By Paul McBeth
Sept. 14 (BusinessDesk) - Turners Automotive Group's $25 million placement was fully subscribed yesterday with the underwriter not called on to top up the discounted offer.
The Auckland-based company sold about 8.3 million shares at $3.02 apiece yesterday, which it says will go towards "strategic growth opportunities" including the continued expansion of its loan book and potential property and dealership acquisitions. The placement was fully underwritten by sole lead manager UBS New Zealand, but that facility wasn't called on, chief executive Todd Hunter said in an emailed statement.
The placement was also seen increasing Turners' free float, boosting liquidity and introducing new shareholders. The stock, which was dual-listed on the ASX in July, fell 4.7 percent to $3.20, still above the offer price.
"The management and Board are pleased to welcome new investors from New Zealand and Australia, and thank our existing shareholders who participated for their continued support as we pursue our next phase of growth," Hunter said.
Turners was formed through the merger of Dorchester Pacific, a survivor of last decade's finance company collapse, and Turners Auctions, adopting the Turners motif which had been around longer and had more name recognition.
Eligible Turners shareholders and convertible bondholders will get a chance to increase their holdings with a $5 million share purchase plan available at the same discounted price. The offer opens tomorrow and will close on Oct. 4.
(BusinessDesk)
BusinessDesk
Independent, Trustworthy New Zealand Business News
The Wellington-based BusinessDesk team led by former Bloomberg Asian top editor Jonathan Underhill and Qantas Award-winning journalist and commentator Pattrick Smellie provides a daily news feed for a serious business audience.
Contact BusinessDesk
Email:

Next in Business, Science, and Tech

Commission welcomes dismissal of NZME/Fairfax merger appeal
By: Commerce Commission
New Chief Technology Officer role created
By: New Zealand Government
Beef + Lamb New Zealand launches drought resources
By: NZ Beef and Lamb
Net Neutrality Failure in US Will Hurt All Internet Users
By: Internet NZ
Technology transforms consumer spending
By: Statistics New Zealand
Results Judgment: NZME merger appeal dismissed
By: New Zealand High Court
NZME, Fairfax reviewing rejected merger appeal
By: BusinessDesk
High Court rejects NZME/Fairfax NZ appeal
By: BusinessDesk
Minister silent while farmers wilt
By: New Zealand National Party
Westpac NZ Offers Relief to Farmers Affected by Drought
By: Westpac
Fronts and fine weather in the mix
By: MetService
2017 Worst Year on Record for Weather-Related Losses
By: Insurance Council
Net neutrality in New Zealand
By: Digitl
View as: DESKTOP | MOBILEWe're in BETA! Send Feedback © Scoop Media