New Zealand’s largest construction company Fletcher Building Ltd (NZX & ASX: FBU) said on Wednesday it completed the retail component of its total $NZ750 million fully underwritten offer.
This was based on an entitlement to shareholders of one new share for every 4.46 held.
Fletcher said the retail offer raised gross proceeds of $229.5 M from the issue of 47.8 M new shares at a price of $NZ4.80/share.
About 20.2 M new shares were offered under the retail shortfall bookbuild that was supported by eligible institutional shareholders and new investors. The clearing price under this bookbuild was $6.46/share.
The company said the ASX settlement date for new shares under the retail offer and retail bookbuild was yesterday.
This major capital raising was necessary after the recent disastrous financial result from major construction jobs in New Zealand at fixed prices, and this saw Ross Taylor being appointed the new managing director.